Bitcoin, Ethereum, and Dogecoin Rise Ahead of Thanksgiving

On Wednesday, the cryptocurrency markets experienced an upward trend, with Bitcoin making a notable comeback above the $96,000 threshold. This positive momentum occurred amidst a backdrop of various market dynamics impacting the leading digital currencies.

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 data, the volume of large transactions has decreased by 7.4%, and the number of daily active addresses has fallen by 15%. The count of transactions exceeding $100,000 dropped from 13,037 to 12,877 in a single day. In contrast, netflows on exchanges saw a surge of 43.1%.
• Coinglass reported that 88,921 traders faced liquidation in the last 24 hours, resulting in losses totaling $243.79 million. Notably, the long liquidations in the crypto market reached $66.6 million, marking the lowest level since November 5.

Recent Developments:

• Ripple is set to invest in a rebranded XRP Exchange-Traded Product managed by Bitwise.
• Former SEC Commissioner Chris Giancarlo advocates transferring crypto regulation responsibilities from the SEC to another commission.
• Long-term Bitcoin holders realized $2.02 billion in daily profits, marking a new record.
• Donald Trump is considering former SEC Commissioner Paul Atkins as a potential successor to Gary Gensler.
• ETFs linked to MicroStrategy have skyrocketed by 400% this year, contributing to what some refer to as ‘The Michael Saylor Effect’.
• The Trump Administration is reportedly prepared to hand over Bitcoin and Ethereum spot market regulation to the CFTC, which could diminish the SEC's oversight of the crypto space.

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:

With Bitcoin seeing upward momentum, experts suggest that this increase in demand could be driving the price higher. CryptoQuant’s Head of Research has observed signs of expanded demand.

The price action for Bitcoin has reached the initial target of a bullish pattern at $96,046, according to reports from More Crypto Online.

Crypto trader known as Astronomer Zero shared insights on social media, emphasizing the strategy: "Buy the fear, sell the greed, rinse and repeat." This approach reflects a cyclical method employed by traders to maximize profits.

Reflecting on market sentiment, Astronomer noted, "Everyone wanted lower, so we longed for higher. Here it is, the price push right into our asks. As promised, we placed our bids and anticipated a local range to form, leading to this upward movement. Furthermore, consider the cyclical nature: buy the fear, sell the greed, and rinse and repeat."

Looking Ahead:

• Will Bitcoin’s past experiences, such as the 2020 ‘Thanksgiving Massacre,’ repeat, or could this holiday season mark a turning point for new highs?

Bitcoin, Ethereum, Dogecoin