As the U.S. stock market remains closed for the Thanksgiving holiday, the cryptocurrency landscape continues to demonstrate vigorous activity, trading around the clock. Digital assets are currently experiencing noteworthy gains, aligning with the Thanksgiving spirit.
Bitcoin, the largest cryptocurrency by market capitalization, surged above $90,000 on Wednesday for the first time since November 20, and continued its positive momentum into Thursday, trading at approximately $91,600. This represents a more than 5% increase over the last 24 hours, according to data from CoinDesk. Over the week, Bitcoin has climbed by 7.5%, bouncing back from recent lows of about $82,000. However, it’s important to note that the cryptocurrency remains 28% below its record high of $126,272.76, which was achieved in early October.
The enthusiasm isn’t limited to Bitcoin; other leading altcoins are also enjoying the upswing. Ethereum saw a 4.2% increase, reaching $3,035, while popular altcoin XRP rose by 1%. Additionally, Solana made gains of 3.6%.
The positive movement within the cryptocurrency market coincides with a robust performance in the stock market leading up to the holiday. The S&P 500 has risen by 4.2% over the last four trading days, marking its best four-day stretch since May—when the U.S. and China mutually lifted tariffs on each other’s products. Risk assets have fared even better, with the tech-heavy Nasdaq Composite climbing by 5.2% during the same period.
Joshua Mahony, an analyst at Scope Markets, noted that Bitcoin’s strength on Thursday might reflect growing optimism in the stock market as it heads toward the holiday. He pointed out that previous declines in the cryptocurrency market have often paralleled broader market downturns, raising concerns about the potential impact on equities if cryptocurrencies were to falter. However, Mahony suggested that Bitcoin’s recent gains could indicate a more favorable outlook for U.S. stocks in sessions following the holiday closure.
Importantly, the current rebound in cryptocurrencies is occurring independently of a stock market rally, suggesting a potential shift in market dynamics. Although there is still significant ground to cover, the gains observed over the last 24 hours could signal a promising start for digital assets.
