Bitcoin prices have rallied by more than a third since early October amid calls of a new bull market.
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Bitcoin
and other cryptocurrencies rose on Thursday, continuing the momentum that has delivered the largest digital asset its best performance into Thanksgiving since 2020. History says more gains could be coming.
The price of Bitcoin rose 2% over the past 24 hours to $37,350, crossing back above $37,000 after a slide earlier this week following news that the CEO of Binance, the world’s largest crypto exchange, had pleaded guilty to anti-money-laundering violations. Bitcoin remains shy of its recent peak near $38,000, but is holding on to the bulk of gains from a rally that has carried prices some one-third higher since early October, ending a long period of calm in crypto markets and spurring calls of a new bull run.
Indeed Bitcoin, up almost 17% in the month to Thanksgiving, according to Dow Jones Market Data, is seeing its best performance in the run-up to the holiday since 2020, when the token jumped more than 30% over the same period. In fall 2020, Bitcoin was in the early stages of a bull market that would eventually carry prices to their all-time high near $69,000 a year later. This time around, gains have largely been fueled by optimism that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF), which is expected to usher in a fresh wave of investor interest in cryptos.
If 2020—and history more generally—is anything to go by, crypto bulls may have more to celebrate in the coming weeks. Three years ago, Bitcoin advanced a further 69% from Thanksgiving to the end of 2020, and, since 2010, the token has rallied an average 17% from before Black Friday to the New Year’s bell.
That’s something to be thankful for.
Beyond Bitcoin,
Ether
—the second-largest crypto—advanced 2% to $2,060. Smaller tokens or altcoins were also buoyant, with
Cardano
climbing 4% and
Polygon
popping 2%. Memecoins also rose, with
Dogecoin
and
Shiba Inu
up 2% each.
Write to Jack Denton at [email protected]
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