Bitcoin (BTC) hit $97K before retreating to $95.5K, while ETH surged 7% and XRP gained 6%. Market optimism grows as Scott Bessent is nominated as U.S. Treasury Secretary.

Bitcoin Hits $97K Before Thanksgiving Dip

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 Outperforms Amid Rising On-Chain Activity

ETH Leads Market Gains (H3)

  • Ethereum (ETH) surged 7%, outperforming Bitcoin (BTC) and other major tokens.

  • XRP and BNB gained 6%, while Dogecoin (DOGE) added over 5%.

On-Chain Indicators Support ETH Rally

CoinDesk data highlights rising on-chain activity for Ethereum, including:

  • Increased revenue and fees.

  • Growth in new wallet creations and transaction volumes.

  • 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.

DeFi and Memecoins See Significant Gains

DeFi Tokens Soar

  • 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."

ETH/BTC Pair Rises Sharply

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 also outpaced the broader CoinDesk 20 Index, which recorded a modest 0.5% gain.

Scott Bessent’s Nomination Boosts Market Optimism

Wall Street and Risk Assets Rally

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.

Bessent’s Crypto Outlook

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.

Thanksgiving Brings Market Volatility and Optimism

Bitcoin’s (BTC) 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, according to CoinDesk.

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