- Bitcoin price spiked above $97,000 in the early hours of Thanksgiving
- Ether, Dogecoin, and Solano have been unpredictable
- Bitcoin seemed to be mounting another charge toward the $100,000 milestone
Bitcoin has seen increased volatility ahead of Thanksgiving, with the price spiking above $97,000 in the early hours as the world’s largest cryptocurrency looked to make another push toward the $100,000 milestone. However, the price has since fallen back as the crypto market remains unpredictable.
Bitcoin’s March Toward $100k
The bitcoin price surged overnight on Wednesday, rising from around $95,000 to above $97,000 briefly. This appeared to signal another attempt by bitcoin to finally break through the psychologically important $100,000 barrier.
Bitcoin has struggled to maintain momentum above $96,000 in recent weeks after coming close to $100,000 earlier this month. The cryptocurrency market remains volatile, however, and bitcoin has seen both significant price jumps and sudden crashes throughout November.
Performance of Other Major Cryptocurrencies
Bitcoin has not been the only unpredictable cryptocurrency in recent days. Ether, the second-largest crypto asset, has also seen choppy trading this week, swinging between $1,600 and $1,750.
Meme coin Dogecoin, which often moves in line with bitcoin, spiked above $0.22 overnight before giving up some gains. Solana, another top 10 crypto token, briefly jumped over $170 before likewise pulling back.
The wider cryptocurrency market has seen significant volatility recently as investors weigh macroeconomic uncertainty against crypto’s longer-term adoption trends.
Outlook for Bitcoin Heading Into the Holidays
Bitcoin’s price action has become increasingly tied to macro factors this year, experts say, as cryptocurrencies mature into more mainstream assets. Inflation and recession fears have weighed on bitcoin in 2022 along with the broader stock market.
Some analysts think cryptocurrency trading volumes could pick up over Thanksgiving and into the holiday season, potentially boosting prices. But the crypto market remains highly unpredictable, especially for short-term price movements.
Bitcoin’s next key test will likely be whether it can finally move past $100,000 and hold above this psychologically important level. But with macro uncertainty still elevated, bitcoin may continue to struggle for direction in the near term.
