Crypto Market Thrives on Memorial Day: Bitcoin Hits $70K and Ethereum $4K
On Memorial Day this year, the cryptocurrency market saw a surge in activity, with Bitcoin hitting the $70,000 mark and Ethereum reaching $4,000. While traditional markets like the U.S. Stock Market were closed for the holiday, the crypto market was thriving.
This unusual trend was noted by experts, with Santiment’s X highlighting the positive movement in the crypto market independent of the stock market. Similarly, TheoTrader predicted a bullish week ahead based on seasonality data.
Historically, Memorial Day has been a period of low activity in the crypto market, but 2024 has defied norms with increased crypto activity. Ryan Detrick, Chief Market Strategist at CarsonGroupLLC, pointed out the atypical market trends this year.
As the stock market remains closed on Memorial Day, the future trajectory of traditional assets is uncertain. However, the cryptocurrency market, known for its independence and volatility, continues to present opportunities and challenges for investors. Stay tuned to see how this trend unfolds in the coming days.
