The major cryptocurrencies, Bitcoin and Ethereum, registered modest gains on Thanksgiving Day as the industry appeared to recover from the fallout linked to the collapse of Sam Bankman-Fried’s FTX and its associated firms. The bearish pressure of this collapse was threatening to topple the fragile crypto sector that was already reeling from the “crypto winter” experienced earlier this year.
Bitcoin gained approximately 1.5% on Thanksgiving to trade at a little more than $16,600. However, the weekly stats indicate that BTC is still down from the highs it had registered in prior weeks. Ethereum also registered modest gains on Thanksgiving, rising by 4% in order to reach the $1,200 price level.
These modest gains notwithstanding, the sobering reality is that both BTC and ETH are down by a mind-boggling 75% when compared to the levels at which they were soaring last winter. There’s plenty of ground to cover before these industry leaders can fully be out of the red.
Moving away from BTC and ETH, the wider cryptocurrency industry gained roughly $12 billion in market value during the holiday. Collectively, the industry moved from a combined $857 billion valuation to approximately $871 billion valuation. This is, again, a far cry from the $3 trillion market valuation that the industry had about 12 months ago before the crypto winter wiped out more than one-half of the industry’s valuation.
Other than BTC and ETH, the other largest movers on the market include Curve, Solana, Chainlink and Huobi. Solana (SOL) saw a steep 10% market spike on Thanksgiving and going into Friday. This was a huge jump and wasn’t matched by any other crypto. Other industry players that registered double-digit gains were DeFi protocols, which saw their total value locked (TVL) increase by notable percentages.
It remains to be seen whether the market gains seen by several cryptos on Thanksgiving are signs of good times coming or whether the fallout of FTX will trigger a domino effect that could drag the collective cryptocurrency industry down again at a time when industry actors want to put the drawn-out crypto winter behind them.
These market movements aside, the blockchain technology behind these cryptos is continuing its forward march with use cases being demonstrated in a variety of industries including agriculture, insurance and even the humanitarian efforts of tracking and processing asylum applications. The sky appears to be the limit for actors such as Riot Blockchain Inc. (NASDAQ: RIOT), which are scaling and growing their operations.
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