Crypto Traders Feast on Thanksgiving: A Stagnant Day for Digital Asset Markets

Crypto traders had a relatively quiet Thanksgiving as digital asset markets remained stagnant. Bitcoin, the largest virtual coin by market cap, saw minimal movement, with its price at $37,353 and a 24-hour change of nearly zero, according to CoinGecko. Ethereum, the second largest digital asset, also experienced a lull, dropping by half a percentage point to $2,067. Despite recent news of BlackRock and Fidelity applying for a spot Ethereum exchange-traded fund, the asset failed to see any significant gains.

Other major coins and tokens also saw little to no movement. Dogecoin, the meme coin king, was up less than 1% at a price of $0.07, while Shiba Inu, the 20th largest digital asset and Dogecoin rival, remained unchanged. XRP, the fifth largest digital asset, saw a slight increase of 1.6% over 24 hours, with a price of $0.62. However, the global cryptocurrency market cap remained relatively unchanged at $1.48 trillion.

It is worth noting that this lack of movement during Thanksgiving week is not unusual in the crypto world. Unlike the stock market, which tends to perform well during this time, the crypto market typically remains unaffected. However, it is important to recall that last year, just two weeks before Thanksgiving, the collapse of mega crypto exchange FTX led to a significant plunge in Bitcoin and the rest of the market. In comparison to last year's price of $16,608, Bitcoin has seen a remarkable increase of over 124% year-to-date.

Overall, Thanksgiving was a quiet day for crypto traders, with minimal movement in the digital asset markets. As the year comes to a close, it remains to be seen how the crypto market will continue to perform and whether it will follow last year's patterns or defy expectations.