Leading cryptocurrencies paused on Thanksgiving as trading volumes eased over the holiday break.
No Thanksgiving Rally For Crypto
Bitcoin faced rejection at the $92,000 resistance level, a mark previously described as significant for the apex cryptocurrency. Trading activity remained thin, with volume plummeting 17% over the last 24 hours.
Ethereum also consolidated within the $3,000 region, while trading volume plunged 23%. XRP and Dogecoin also faced declines on the festive day.
Bitcoin has already dropped 17% this month, while Ethereum has plunged 22%, closely mirroring the losses recorded in November 2022.
Cryptocurrency liquidations hit $167 million in the last 24 hours, according to Coinglass, with nearly $100 million in short positions erased.
Bitcoin’s open interest fell 2.64% in the last 24 hours, while funds locked in Ethereum’s futures contracts slid by over 4%.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.12 trillion, following an increase of 2.84% in the last 24 hours.
Stocks Futures Rise
Stock futures inched higher Thursday evening. The Dow Jones Industrial Average Futures rose 57 points, or 0.12%, as of 7:47 p.m. EDT. Futures tied to the S&P 500 gained 0.11%, while Nasdaq 100 Futures added 0.13%.
The stock market has faced pressures this month amid broader concerns about an artificial intelligence bubble.
However, this holiday shortened week saw a much-needed rebound, with the S&P 500 and the Nasdaq Composite up 3.1% and 4.22%, respectively, driven by growing expectations of a rate cut next month.
The New York Stock Exchange and the Nasdaq were closed Thursday for Thanksgiving. The market will close early at 1:00 p.m. on Friday.
‘Potential Trend Acceleration’ For ETH?
Widely followed cryptocurrency analyst and trader Ali Martinez identified $84,570 as the support level “that matters” for Bitcoin, while flagged $112,340 as the key resistance to watch.
Blockchain analytics firm CryptoQuant noted that among major cryptocurrencies, Ethereum has the “strongest futures appetite” relative to its spot volume, suggesting high speculative interest.
“A rising futures multiple typically forms when market participants anticipate stronger short-term price movement, and the data indicates that ETH traders are increasingly positioning ahead of potential trend acceleration,” CryptoQuant emphasized.
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Photo Courtesy: Volodymyr Maksymchuk on Shutterstock.com
BTCGrayscale Bitcoin Mini Trust (BTC)$40.080.66%Overview$BTCBitcoin – United States dollar$90762.01-0.61%$DOGEDogecoin – United States dollar$0.1499-1.78%$ETHEthereum – United States dollar$2997.20-0.59%$SOLSolana – United States dollar$139.04-1.27%$XRPRipple – United States dollar$2.17-1.40%Market News and Data brought to you by Benzinga APIs
