Cryptocurrency Markets Surge Ahead of Thanksgiving: Insights and Trends

Cryptocurrency markets have seen a noticeable rise on Wednesday, with Bitcoin managing to soar above the impressive $96,000 mark once again. This bullish sentiment is accompanied by significant movements in other major cryptocurrencies, notably Ethereum, Dogecoin, and Solana.

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:

• According to IntoTheBlock, large transaction volumes have decreased by 7.4%, and the number of daily active addresses has declined by 15%. Transactions valued over $100,000 have reduced from 13,037 to 12,877 within a single day. However, netflows to exchanges have risen by 43.1%.
• Coinglass reports that in the past 24 hours, 88,921 traders experienced liquidations amounting to $243.79 million. Notably, liquidations of crypto long positions reached $66.6 million, marking the lowest level since November 5.

Recent Developments:

• Ripple plans to invest in a rebranded XRP exchange-traded product developed by Bitwise.
• Chris Giancarlo, known as 'Crypto Dad', is promoting a shift in crypto regulation authority from the SEC to a different commission, citing important reasons.
• Long-term Bitcoin holders are realizing significant profits, locking in $2.02 billion daily, thus achieving a new record.
• Former SEC Commissioner Paul Atkins is being considered by Donald Trump as a possible successor to Gary Gensler.
• ETFs associated with MicroStrategy have seen a staggering 400% increase this year, potentially reflecting 'The Michael Saylor Effect'.
• There are reports suggesting that the Trump Administration may allow the CFTC to oversee the regulation of Bitcoin and Ethereum in the spot market, which could diminish the SEC's authority over cryptocurrencies.

Top Performing Cryptocurrencies:

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

Trader Insights: As Bitcoin's price gains momentum, the Head of Research at CryptoQuant observes a growing demand driving the price upward. Moreover, sources from More Crypto Online indicate that Bitcoin has reached its first target in a bullish pattern at $96,046.

Crypto trader known as Astronomer Zero has noted that a familiar cycle is re-emerging: "Buy the fear, sell the greed, rinse and repeat." They emphasize the strategy, saying that while many anticipated a downturn, they positioned themselves for growth instead.

Reflecting on the market sentiment, they tweeted about the price surge...

Looking Ahead:

• Will Bitcoin's historical ‘Thanksgiving Massacre’ repeat, or could this holiday signify a turning point towards new highs?

Overall, the cryptocurrency market is showcasing vibrant activity and remains a focal point for traders and investors alike as we approach the Thanksgiving holiday.

Cryptocurrency, Bitcoin, Ethereum