Bitcoin (BTC) briefly surged past $97,000 in early Thursday trading before retracing to around $95,500, marking a 3.3% gain in the past 24 hours. The price jump fueled speculation of an imminent $100,000 breakout, although some traders warned of potential volatility during the Thanksgiving holiday, a period historically marked by sudden market movements.
Ethereum (ETH) surged 7%, outperforming Bitcoin (BTC) and other major tokens. XRP and BNB gained 6%, while Dogecoin (DOGE) added over 5%. CoinDesk data highlights rising on-chain activity for Ethereum, including increased revenue and fees, growth in new wallet creations, and transaction volumes.
There is also record open interest in ETH futures, with 6.32 million ETH contracts worth over $27 billion. This surge reflects traders' bullish outlook for ETH as activity remains elevated compared to earlier in the year. AAVE and UNI surged 9%, reflecting optimism in decentralized finance. Memecoins like PEPE and MOG rose more than 8%, often acting as leveraged 'ether beta bets.' QCP Capital reported a 13% rise in the ETH/BTC pair to 0.0366, signaling a shift in money flows toward Ethereum.
This move has outpaced the broader CoinDesk 20 Index, which recorded a modest 0.5% gain. Markets reacted positively to the nomination of Scott Bessent as U.S. Treasury Secretary by President-elect Donald Trump. Bessent’s market-friendly stance and potential moderation of tariff policies lifted sentiment across risky asset classes, including cryptocurrencies.
Wall Street reached record highs, further fueling bullish momentum. In a July interview, Bessent described crypto as 'about freedom' and emphasized its appeal among younger investors. His nomination adds to the optimism surrounding a pro-crypto administration in the U.S. Bitcoin’s brief surge past $97K and Ethereum’s standout performance highlight the growing momentum in the crypto market.
With Thanksgiving historically a volatile period and optimism fueled by Scott Bessent’s nomination, traders are eyeing potential near-term gains while preparing for possible corrections..