Bitcoin Price News: BTC Surges to $97K Before Thanksgiving Dip

Bitcoin (BTC) Hits $97K Before Thanksgiving Dip

Bitcoin (BTC) briefly surged past $97,000 in early Thursday trading before retracing to around $95,500, marking a significant 3.3% gain in the past 24 hours. This price jump has fueled speculation of an imminent $100,000 breakout; however, some traders caution against potential volatility due to the upcoming Thanksgiving holiday, a period that historically experiences sudden market movements.

Ethereum Outperforms Amid Rising On-Chain Activity

In a remarkable display of market strength, Ethereum (ETH) surged 7%, outperforming Bitcoin and other major tokens. Additionally, XRP and BNB gained 6%, with Dogecoin (DOGE) also adding over 5%.

On-Chain Indicators Support ETH Rally

According to data from CoinDesk, there has been a noticeable increase in on-chain activity for Ethereum, which includes:

• Increased revenue and transaction fees.
• Significant growth in new wallet creations and transaction volumes.
• Record open interest in ETH futures, with 6.32 million ETH contracts valued at over $27 billion.

This surge in activity reflects a bullish outlook from traders, as ETH performance remains elevated compared to earlier in the year.

DeFi and Memecoins See Significant Gains

In the decentralized finance (DeFi) sector, tokens such as AAVE and UNI experienced a remarkable 9% surge in price, reflecting growing optimism within the DeFi community. Meanwhile, memecoins like PEPE and MOG rose more than 8%, often operating as leveraged "ether beta bets" for investors.

ETH/BTC Pair Rises Sharply

Recent reports from QCP Capital indicate a substantial 13% rise in the ETH/BTC trading pair, reaching 0.0366. This trend signifies a withdrawal of capital from Bitcoin towards Ethereum and has outpaced the broader CoinDesk 20 Index, which only recorded a modest 0.5% gain.

Scott Bessent’s Nomination Boosts Market Optimism

The nomination of Scott Bessent as U.S. Treasury Secretary by President-elect Donald Trump has generated a positive reaction across various markets, including cryptocurrencies. Bessent’s reputation as a pro-market figure and his potential moderation of tariff policies have lifted sentiment across higher-risk asset classes.

Wall Street and Risk Assets Rally

As a result of Bessent's nomination, Wall Street reached new record highs, further fueling bullish momentum. In an interview conducted in July, Bessent remarked that cryptocurrency represents "about freedom," highlighting its appeal to younger investors. His nomination contributes to the growing positivity surrounding a pro-crypto administration in the U.S.

Looking Ahead: Thanksgiving Market Volatility and Optimism

As we approach Thanksgiving, the market is likely to see increased volatility. Historical trends suggest that this holiday can lead to sudden shifts, but the current atmosphere of optimism, buoyed by significant developments and performance within the crypto space, may lead to an exciting conclusion to the trading year.