Bitcoin, Ethereum, Dogecoin Heat Up In Pre-Thanksgiving Rally: 'Buy The Fear, Sell The Greed, Rinse And Repeat,' Says Trader
Cryptocurrency markets are experiencing a pre-Thanksgiving rally, with Bitcoin rising above $30,000, up 5.3%. Ethereum and Dogecoin also see significant gains of 8.8% and 6.6%, respectively. Despite a decrease in large transaction volume and active addresses, netflows to exchanges have increased by 43.1%. Notable developments include Ripple's investment in a rebranded XRP exchange-traded product and discussions on crypto regulation shifts. Traders are advised to 'buy the fear, sell the greed' as demand for Bitcoin grows post-correction.
Cryptocurrency markets are trading higher on Wednesday, with Bitcoin surging back above the $96,000 mark.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $96,719.50 | +5.3% |
| Ethereum ETH/USD | $3,599.43 | +8.8% |
| Solana SOL/USD | $239.41 | +4.5% |
| Dogecoin DOGE/USD | $0.4042 | +6.6% |
| Shiba Inu SHIB/USD | $0.00002545 | +5.7% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 7.4% and daily active addresses falling by 15%. Transactions greater than $100,000 are down from 13,037 to 12,877 in a single day. Exchanges netflows are up by 43.1%.
- Coinglass data reports 88,921 traders were liquidated in the past 24 hours for $243.79 million. Crypto long liquidations at $66.6 million are at the lowest since Nov. 5.
Notable Developments:
- Ripple To Invest In Rebranded XRP Exchange-Traded Product By Bitwise
- ‘Crypto Dad’ Chris Giancarlo Advocates For Passing Crypto Regulation From The SEC To Another Commission — Here’s Why
- Long-Term Bitcoin Holders Locking In $2.02 Billion In Daily Realized Profits, Setting A New Record
- Donald Trump Eyes Former SEC Comissioner Paul Atkins As Gary Gensler’s Successor
- MicroStrategy-Linked ETFs Skyrocket 400% This Year: Is This ‘The Michael Saylor Effect’?
- Trump Administration To Reportedly Let CFTC Regulate Bitcoin, Ethereum Spot Market, Is The SEC Set To Lose Its Grip Over Crypto?
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Uniswap UNI/USD | $13.24 | +24.2% |
| Ethena ENA/USD | $0.7053 | +18.9% |
| Aave AAVE/USD | $201.37 | +17.2% |
Trader Notes: With Bitcoin prices picking up steam, CryptoQuant’s Head of Research sees a demand expansion driving Bitcoin higher.
— Julio Moreno (@jjcmoreno) November 27, 2024Bitcoin demand growth is accelerating again after the recent price correction.
Demand expansion is what will get Bitcoin higher. pic.twitter.com/JKKzzgDxiZ
More Crypto Online sees the price of Bitcoin having reached the first target of a bullish pattern at $96,046.
Crypto trader Astronomer Zero sees a familiar pattern playing out, saying, "Buy the fear, sell the greed, rinse and repeat."
— Astronomer (@astronomer_zero) November 27, 2024$BTC
Everyone wanted lower, so we longed for higher 💸
And there it is, the price push straight into our asks.
As promised, we set bids, called for a local range to form, and then for a push up. And it's all happening.
Buy the fear, sell the greed, rinse and repeat. ♻️
All… https://t.co/MdOhn2x145 pic.twitter.com/dsUAce2Fmw
Read Next:
- Bitcoin’s 2020 ‘Thanksgiving Massacre’ To Repeat Or Is The Holiday A ‘Turning Point For New Highs’?
