Crypto Traders Enjoy a Thanksgiving Lull
Crypto traders had a quiet Thanksgiving as digital asset markets remained relatively stagnant. Bitcoin, the largest cryptocurrency by market cap, barely moved and was priced at $37,353. It has seen a modest 4% increase in value over the past week. Ethereum, the second-largest digital asset, also experienced a lull with a half percentage point drop, priced at $2,067.
Little Movement Across Major Coins and Tokens
Other major coins and tokens also saw little to no gains. Dogecoin, the meme coin king, had an increase of less than 1% and was priced at $0.07. Shiba Inu, the 20th biggest digital asset and DOGE rival, remained unchanged. XRP, the fifth biggest digital asset, saw a small rise of 1.6% over 24 hours and was priced at $0.62.
Steady Global Cryptocurrency Market Cap
The global cryptocurrency market cap remained steady at $1.48 trillion over the past day. This is typical for the crypto world during Thanksgiving week, unlike the stock market which tends to perform well during this time. However, last November saw a major collapse in the crypto market following FTX’s downfall. Bitcoin’s price last year was $16,608 compared to its current price of $37,353—an increase of over 124% year-to-date.
Hot Take: Crypto Market Takes a Break on Thanksgiving
As Thanksgiving celebrations took place, the crypto market appeared to take a break with minimal movement across major cryptocurrencies. Bitcoin and Ethereum both experienced a lull in their prices, while other coins like Dogecoin and Shiba Inu saw little change. The global cryptocurrency market cap remained steady, reflecting the usual trend during Thanksgiving week. While the stock market tends to thrive during this time, the crypto world remains relatively untouched. It’s worth noting that last year, the crypto market faced a significant collapse just before Thanksgiving. Despite this, Bitcoin has seen substantial growth throughout the year.
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