Bitcoin, Ethereum, Dogecoin Rise in Pre-Thanksgiving Rally

The cryptocurrency market experienced a notable rise on Wednesday, with Bitcoin climbing back above $96,000. Recent trends show several other cryptocurrencies also gaining momentum as the holiday season approaches.

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%

Market Insights:

• Data from IntoTheBlock reveals a decrease in large transaction volume by 7.4%, while the number of daily active addresses dropped by 15%. Specifically, transactions valued over $100,000 fell from 13,037 to 12,877 within a single day. However, there was a significant increase in exchanges netflows, soaring by 43.1%.
• According to Coinglass, approximately 88,921 traders faced liquidation in the last 24 hours, with a total value of $243.79 million. Notably, liquidations related to long positions were reported at $66.6 million, marking the lowest levels since November 5.

Significant Developments:

• Ripple announced plans to invest in a rebranded XRP exchange-traded product by Bitwise.
• Chris Giancarlo, known as the 'Crypto Dad', is advocating for the transfer of cryptocurrency regulation from the SEC to another commission.
• Long-term Bitcoin holders reported realized profits of $2.02 billion daily, setting a new record.
• Reports suggest that Donald Trump is considering former SEC Commissioner Paul Atkins as a successor to Gary Gensler.
• MicroStrategy-linked ETFs surged 400% this year, leading to speculation about the so-called 'Michael Saylor Effect'.
• There are discussions about the Trump Administration allowing the CFTC to regulate the Bitcoin and Ethereum spot markets, potentially reducing the SEC's control over cryptocurrencies.

Top Gainers:

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

Traders’ Perspectives: As Bitcoin prices continue to rise, CryptoQuant’s Head of Research suggests a growing demand is fueling this increase. Observers at More Crypto Online note that Bitcoin has hit the first target of a bullish pattern at $96,046. Additionally, trader Astronomer Zero shared insights, encouraging a strategy of buying during fearful market conditions and selling when sentiments are greedy: "Buy the fear, sell the greed, rinse and repeat."

$BTC

The trader expressed enthusiasm about the recent price movements, stating, "Everyone wanted lower, so we longed for higher. And here it is, the price push straight into our asks. As promised, we set bids, called for a local range to form, and then for a push up. And it's all happening."

What’s Next:

• Are we facing a repeat of Bitcoin’s 2020 ‘Thanksgiving Massacre’ or is the holiday season a catalyst for new highs?

Market News and Data incorporated in this article aim to provide a comprehensive overview of the current cryptocurrency landscape.

Bitcoin, Ethereum, Dogecoin