Bitcoin, Ethereum, Dogecoin Show Signs Of Recovery But Analytics Firm Says Thanksgiving Holiday Doesn't Bode Well For Cryptos

Major cryptocurrencies traded higher Tuesday evening as the global cryptocurrency market cap increased 3.11% to $2.62 trillion at press time.

What Happened: The apex cryptocurrency, Bitcoin BTC/USD, rose 2.12% higher at $57,681.17 over 24 hours. It has fallen 3.28% over a seven-day trailing period.

Ethereum ETH/USD rose 5.78% higher at $4,360.73 over 24 hours. For the week, it has gained 4.38%.

Dogecoin DOGE/USD was up 2.94% at $0.23. Over the last seven days, it has fallen 3.34%.

Shiba Inu, a rival of DOGE, fell 2.76% to $0.00004211 over 24 hours. It has decreased 12.89% over the week. 

The three cryptocurrencies that saw the most gains over 24 hours were Audius, Amp, and Loopring.

Audius surged 43.49% to $2.98, Amp rose 39.8% to $0.07102, and Loopring gained 32.59% to $3.46 in the period.

See Also: How To Buy Ethereum (ETH)

Why It Matters: Community-driven analytics platform CryptoQuant urged caution on BTC heading into Thanksgiving weekend in the United States.

“Last 3 years we've had downside volatility every time around this holiday. This may have factors re: end of month rotations, options/futs expiries, and rebalancing,” as per a CryptoQuant blog.

A separate CryptoQuant blog touched on “very high” Coinbase Premium. This is an indicator that U.S. institutional investors are supporting the current price levels. Coinbase is an exchange used by large players in the U.S.

BTC Coinbase Premium Gap — Courtesy CryptoQuant

Marcus Sotiriou, a sales trader at the United Kingdom-based digital asset broker GlobalBlock noted that two banks — LHV in Estonia and Commonwealth Bank of Australia CMWAY — are planning to allow their customers to trade in cryptocurrencies like BTC and ETH, which is significant as it indicates that cryptocurrency is a "global movement."

Sotiriou noted that the news fueled a “bounce in the price of Bitcoin” but the cryptocurrency is still on a downtrend on lower time frames.

“If Bitcoin can break above the $60,000 level that would confirm a double bottom pattern which is a bullish signal and could result in Bitcoin resuming its uptrend in the short term to new all-time-highs,” said Sotiriou.

Craig Erlam, senior market analyst at OANDA noted that Bitcoin found support around the $55,000 mark, which could offer “some encouragement.”

“Only a move back above $60,000 really puts us back into bullish territory,” wrote Erlam. 

Pseudonymous cryptocurrency analyst Kaleo noted that it was only a “matter of time” before ETH/BTC pair breaks out of its current range. 

“Once it clears 0.8, it should have a clear path to extend to 0.12 - 0.15,” tweeted Kaleo pointing out that 0.16 is flippening — a reference to the market cap of ETH exceeding that of BTC.

It's only a matter of time before $ETH / $BTC breaks out of its current range.

Once it clears 0.8, it should have a clear path to extend to 0.12 - 0.15.

0.16 is the flippening. I don't think it happens, but we'll get close enough for everyone to be consumed by the idea. pic.twitter.com/PPc6Za2kWI

— K A L E O (@CryptoKaleo) November 23, 2021

Read Next: Will The Ethereum-Bitcoin 'Flippening' Happen During This Cycle? Here's What The Chart Says