Bitcoin and other cryptocurrencies experienced a surge on Thursday, maintaining the upward momentum that has made it the digital asset’s strongest performance leading up to Thanksgiving since 2020. This impressive trend suggests that further gains may be in store.
Over the past 24 hours, the price of Bitcoin has risen by 2% to reach $37,350, reclaiming its position above $37,000 after a recent dip caused by news of the Binance CEO pleading guilty to anti-money-laundering violations. While Bitcoin has yet to reach its recent peak near $38,000, it has managed to hold onto the majority of its gains from the rally that began in early October. This rally marked the end of a period of relative stability in the cryptocurrency market and has sparked discussions of a new bull run.
In fact, according to Dow Jones Market Data, Bitcoin’s performance in the month leading up to Thanksgiving has been exceptional, with an increase of almost 17%. This is reminiscent of its impressive jump of over 30% during the same period in 2020. Back in fall 2020, Bitcoin was entering into a bull market that eventually drove prices to an all-time high of nearly $69,000 a year later. This time around, hopes for the approval of the first spot Bitcoin exchange-traded fund (ETF) by U.S. regulators have been the driving force behind the recent gains. The ETF is expected to generate renewed interest from investors.
Drawing from historical data, it is worth noting that crypto bulls may have more reason to celebrate in the weeks ahead. Three years ago, Bitcoin saw a further increase of 69% from Thanksgiving until the end of 2020. Moreover, since 2010, the token has enjoyed an average rally of 17% from before Black Friday until the New Year’s bell.
This certainly gives crypto enthusiasts something to be grateful for.
In addition to Bitcoin, Ether, the second-largest cryptocurrency, also experienced a 2% surge, reaching $2,060. Smaller tokens, including Cardano (4% increase) and Polygon (2% increase), displayed positive movements as well. Even memecoins such as Dogecoin and Shiba Inu saw a rise of 2% each.