Crypto Markets Today: Bitcoin Outperforms in Market Turnaround as Traders Anticipate Holiday Upside

Bitcoin and ether extended their upward momentum on Thursday, buoyed by a sharp rebound in tech stocks that lifted overall market sentiment. Bitcoin rallied to $91,700 and ether touched $3,030, tracking Wednesday’s strong performance in equities, where Alphabet and Nvidia helped push the Nasdaq to its best four-day streak since May.

Interest remained concentrated in bitcoin rather than in lower-liquidity altcoins. BTC’s 5.4% jump over the past day outperformed nearly all major cryptocurrencies, highlighting traders’ continued preference for stability. CoinMarketCap’s “altcoin season” indicator echoed this dynamic, falling to 22/100—down sharply from its October high of 67/100.

Volatility metrics also continued to cool. Bitcoin’s 30-day implied volatility reading, BVIV, slid to 50%, erasing almost all of last week’s spike to 65%. Options activity pointed to growing optimism for a late-year rally, with traders building a sizable call-condor position between $100,000 and $118,000 worth $6.5 million in premium. However, consistent call-selling near the $100,000 mark and reduced demand for downside hedging helped keep implied volatility subdued.

The move higher in spot prices came without a major shift in futures activity; bitcoin open interest remained close to unchanged, suggesting spot buying was the primary driver. Altcoin derivatives, on the other hand, saw notable increases in open interest for ether, solana and zcash—evidence of more aggressive leveraged positioning, according to Coinalyze data.

Trading volumes were steady through midweek and began tapering ahead of the U.S. Thanksgiving holiday. Altcoins as a group continued to lag but showed pockets of strength: SKY (previously MKR) climbed 10% from last week’s low, while DASH, ETHFI and AVAX each posted gains between 6.7% and 7.7%. Meanwhile, ENA and TAO fell more than 2%, underscoring the uneven nature of the rally.

Broader market RSI readings suggest crypto is inching toward overbought conditions, with AVAX, SPX and PENDLE already sitting firmly in overheated territory. Without sustained volume, a short-term pullback remains a possibility.

Ultimately, the direction of the altcoin market hinges on bitcoin’s next move. A breakout above the downtrend that has been in place since October and a renewed push toward $100,000 could ignite a broader risk-on phase. But if bitcoin fails to hold recent gains and slides back toward the low-$80,000 area, thin liquidity could deepen losses across the altcoin landscape.