Bitcoin, Ethereum, and Dogecoin Rise Ahead of Thanksgiving: Trader Insights

The cryptocurrency market has shown positive momentum on Wednesday, with Bitcoin climbing back above the significant $96,000 threshold. This surge is part of a broader pre-Thanksgiving rally that has seen many cryptocurrencies, including Ethereum and Dogecoin, also experience gains.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$96,719.50	+5.3%
Ethereum ETH/USD	$3,599.43	+8.8%
Solana SOL/USD	$239.41	+4.5%
Dogecoin DOGE/USD	$0.4042	+6.6%
Shiba Inu SHIB/USD	$0.00002545	+5.7%

Key Statistics:

• Data from IntoTheBlock indicates that large transaction volumes have decreased by 7.4%, while the number of daily active addresses has dropped by 15%. Additionally, the number of transactions exceeding $100,000 has fallen from 13,037 to 12,877 within a day.
• According to Coinglass, 88,921 traders endured liquidations in the last 24 hours, totaling around $243.79 million. Notably, the amount of long liquidations in cryptocurrencies is at its lowest since November 5, amounting to $66.6 million.

Recent Developments:

• Ripple is set to invest in a newly rebranded XRP exchange-traded product launched by Bitwise.
• Chris Giancarlo, known as 'Crypto Dad,' is advocating for a shift in crypto regulation from the SEC to another commission.
• Long-term holders of Bitcoin have realized profits of $2.02 billion daily, achieving a new record.
• There are rumors that former SEC commissioner Paul Atkins is in consideration to replace Gary Gensler.
• MicroStrategy-related ETFs have surged 400% this year, sparking discussions about 'The Michael Saylor Effect.'
• The Trump administration is reportedly looking to allow the CFTC to oversee the Bitcoin and Ethereum spot markets, raising questions about the SEC's future authority over cryptocurrencies.

Top Performers:

Cryptocurrency	Price	Gains +/-
Uniswap UNI/USD	$13.24	+24.2%
Ethena ENA/USD	$0.7053	+18.9%
Aave AAVE/USD	$201.37	+17.2%

Insights from Traders:

As Bitcoin prices continue to gain momentum, the Head of Research at CryptoQuant believes that there is a growing demand pushing Bitcoin upwards. Meanwhile, the platform More Crypto Online notes that Bitcoin has reached the first target of a bullish trend at $96,046.

Crypto trader Astronomer Zero shared a familiar trading strategy, stating, "Buy the fear, sell the greed, rinse and repeat." This approach emphasizes the cyclical nature of market sentiment.

In a recent tweet, Astronomer said, "$BTC Everyone wanted lower, so we longed for higher. And there it is, the price push straight into our asks. As promised, we set bids, called for a local range to form, and then for a push up. And it's all happening. Buy the fear, sell the greed, rinse and repeat."

Next Reading:

• Will Bitcoin’s 2020 ‘Thanksgiving Massacre’ Repeat, or Is This Holiday a Turning Point for New Highs?

This market analysis provides insight into the shifting dynamics within the cryptocurrency environment as traders and investors prepare for the upcoming holiday season.

Bitcoin, Ethereum, Dogecoin