The cryptocurrency market experienced notable fluctuations during the Thanksgiving period, with Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) showing varied performances. Analysts suggest a potential shift from Bitcoin’s dominance to an altcoin season, where alternative cryptocurrencies outperform Bitcoin.
Bitcoin’s Performance
On Thanksgiving Day, Bitcoin’s price oscillated within the $95,000 range, with a trading volume decline of approximately 28%. The Crypto Fear & Greed Index indicated a rise in “Extreme Greed” sentiment, moving from 77 to 78, reflecting heightened investor enthusiasm.
Ethereum’s Movement
Ethereum saw a brief surge to $3,640 before retreating to the $3,500 range. This movement contributed to a decrease in both Bitcoin and Ethereum’s market dominance over the past 24 hours, while other altcoins gained market share.
Dogecoin’s Stability
Dogecoin maintained relative stability, with its price hovering around $0.405. The cryptocurrency’s performance remained steady, showing minimal fluctuations during this period.
Market Liquidations and Open Interest
Total cryptocurrency liquidations surpassed $204 million in the last 24 hours, with over $129 million in bullish leveraged positions being wiped out. Approximately $627 million in long positions were at risk if Bitcoin retraced to $93,000. Bitcoin’s Open Interest (OI) fell by 1.03%, and the dominance of traders shorting the asset increased, as indicated by the Long/Shorts Ratio.
Top Gainers in the Last 24 Hours
| Cryptocurrency | Gains (%) | Price (as of 8:00 p.m. ET) |
|---|---|---|
| Algorand (ALGO) | +20.07% | $0.3476 |
| The Sandbox (SAND) | +8.90% | $0.6567 |
| Worldcoin (WLD) | +8.79% | $2.81 |
Global Cryptocurrency Market Capitalization
The global cryptocurrency market capitalization stood at $3.32 trillion, contracting by 0.26% in the last 24 hours.
Analyst Insights: Shift to Altcoin Season
Arthur Azizov, CEO of cryptocurrency payment provider B2BINPAY, noted that the market is on the brink of a “significant shift,” transitioning from Bitcoin season to altcoin season. He highlighted that the altseason index is at 59, and once it reaches 75, it would confirm the onset of alt season.
Additionally, cryptocurrency analyst Dom’s Crypto observed that Bitcoin is flipping the $95,000 resistance level into support, potentially leading to a $100,000 BTC faster than anticipated.
The post-Thanksgiving period has showcased the dynamic nature of the cryptocurrency market, with Bitcoin stabilizing around $95,000, Ethereum experiencing volatility, and altcoins like Algorand and The Sandbox making significant gains. Analysts anticipate a transition to altcoin season, marked by increased performance of alternative cryptocurrencies relative to Bitcoin. Investors are advised to stay informed and consider diversification to navigate the evolving market landscape.
FAQs
What is altcoin season?
Altcoin season, or “altseason,” refers to a period when alternative cryptocurrencies (altcoins) outperform Bitcoin in terms of price appreciation.
How is the altseason index calculated?
The altseason index measures the performance of the top 50 altcoins relative to Bitcoin over a specific period. An index above 75 typically indicates an altcoin season.
What factors contribute to the shift from Bitcoin season to altcoin season?
Factors include a decline in Bitcoin’s market dominance, increased investor interest in altcoins, and technological advancements or positive news related to specific altcoins.
