Cryptocurrency markets experienced a notable surge leading into the Thanksgiving holiday, a period that has historically been prone to unexpected market movements. Bitcoin (BTC) briefly surpassed $97,000, igniting speculation that the $100,000 milestone could soon be reached, before pulling back to around $95,500 in early Thursday trading in Asia.

Bitcoin gained 3.3% over the past 24 hours, with a strong showing ahead of the holiday weekend, although Thanksgiving has often brought about swift and sharp price corrections. The rise in Bitcoin provided a boost to other major cryptocurrencies. Ether (ETH) led the way, jumping 7%, while XRP and BNB Chain each saw a 6% increase, and Dogecoin (DOGE) rose more than 5%.

According to a CoinDesk analysis, there has been a noticeable increase in ETH futures trading and on-chain activity, suggesting that traders are anticipating heightened volatility in the lead-up to Ethereum’s upcoming updates. The past month has seen a significant uptick in revenue, fees, and new wallets on Ethereum, marking a rise in network activity compared to the more subdued period from May to September. Additionally, open interest in ETH futures contracts surged to an all-time high of 6.32 million ETH, worth over $27 billion, signaling strong bullish sentiment in the market.

In the DeFi space, tokens like Aave (AAVE) and Uniswap (UNI) gained 9%, while meme coins such as Pepe (PEPE) and Mog (MOG) jumped more than 8%, showing their close correlation with Ethereum’s price movements.

QCP Capital analysts highlighted that money flows are increasingly favoring Ethereum, with the ETH/BTC trading pair surging 13% to 0.0366, up from a post-election low of 0.0318. “ETH has been outperforming the broader market, with the CoinDesk 20 Index only rising 0.5%,” the analysts noted.

This shift in sentiment is also being driven by Wall Street’s rally to record highs after President-elect Trump’s nomination of Scott Bessent as Treasury Secretary. Bessent, a macro investor with a history of market-friendly moves, is expected to bring a more favorable tone to economic policy, which in turn is boosting investor sentiment across risky assets, including crypto.

Bessent has been a vocal advocate for cryptocurrencies, describing them as part of a “freedom” movement and noting their growing appeal, especially among younger generations who are increasingly participating in markets.