Bitcoin price briefly broke past $59,000, ETH soared past $4,500

Bitcoin price has broken past $59,000, with at least one analyst expecting a healthy holiday rally. The crypto market during the US Thanksgiving holiday is not as quiet as some predicted. At the time of writing, BTC is changing hands at $58,835, recorded a 3% increase in the past seven days.

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BTC/USD 4-hour chart | Source: TradingView

Bitcoin price soars past $59,000 amid brisk trading

On Thursday, the US Thanksgiving holiday, the crypto market was not as quiet as some expected after the bitcoin price briefly surpassed the $59,000 threshold. Trading volumes remained at roughly the same level as three days before.

BTC/USD ranging above $58,000, This shows support solidifying at current levels, with hope, therefore, remaining of a more convincing trend reversal. This week, mixed signals played out from exchanges over selling pressure, with large inflows and outflows marking a highly active market. Nonetheless, volatility remains at its lowest in over half a year, reinforcing relatively stable price conditions.

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Bitcoin volatility chart | Source: Buy Bitcoin Worldwide

As Bitcoin’s price finished in the green, the rest of the crypto market experienced high price volatility with major winners of the day including gaming tokens GALA, SAND, and MANA and dog-themed meme token SHIB. These tokens all saw high daily trading volume on Thursday, a bullish sign for a token’s price when it accompanies a price rally. Ether spiked past $4,500, up more than 6%.

Most cryptocurrencies in the market ended the day higher. The overall cryptocurrency market cap now stands at $2.664 trillion, and Bitcoin’s Dominance rate is 41.7%.

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