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- Bitcoin, although staying just below the recent peak of around $38,000, continues a sustained rise, increasing by a third since the beginning of October.
- In the fall of 2020, Bitcoin was in the early stages of a bull market that would later carry prices up to $69,000 a year later.
- Beyond Bitcoin, the second-largest crypto, Ether, rose by 2% to $2,060. Smaller tokens or altcoins were also lively.
Bitcoin and cryptocurrencies maintain their upward momentum on Thanksgiving Day: What could happen for the rest of the year?
Bitcoin’s Thanksgiving Day Performance
Bitcoin and other cryptocurrencies rose on Thursday, continuing the momentum that allowed the largest digital asset to show its best performance on Thanksgiving Day since 2020. History suggests that more gains could be on the way.
The price of Bitcoin rose by 2% in the last 24 hours to $37,350, recovering above $37,000 after experiencing a drop earlier in the week following the admission of guilt by the CEO of the world’s largest crypto exchange, Binance, for money laundering violations.
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Although Bitcoin remains just below the recent peak of around $38,000, it continues a sustained rise, increasing by a third since the beginning of October. This marks the end of a long period of calm in the crypto markets and signals a new bullish run.
In fact, according to Dow Jones Market Data, Bitcoin has experienced almost a 17% increase in the past month leading up to Thanksgiving Day. This marks the pre-holiday best performance, compared to the same period in 2020 when the token surged by over 30%.
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In the fall of 2020, Bitcoin was in the early stages of a bull market that would later carry prices up to $69,000 a year later. The current gains have been largely triggered by optimism that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF), bringing a new wave of investor interest to cryptocurrencies.
Bitcoin’s Performance in Historical Events
Looking back to 2020 and historical data, crypto bulls might have more to celebrate in the coming weeks. Three years ago, Bitcoin increased by 69% from Thanksgiving Day until the end of 2020, and since 2010, the token has averaged a 17% increase from Black Friday to the moment the New Year’s Eve bell rings.
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Beyond Bitcoin, the second-largest crypto, Ether, rose by 2% to $2,060. Smaller tokens or altcoins were also lively, with Cardano increasing by 4% and Polygon rising by 2%. Meme coins also saw gains, with Dogecoin and Shiba Inu rising by 2% each.
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