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Home Altcoins

Memorial Day surge: Bitcoin hits $70K as U.S. stock markets pause

May 29, 2024
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Memorial Day surge: Bitcoin hits $70K as U.S. stock markets pause
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  • Memorial Day saw crypto thrive, with Bitcoin hitting $70K and Ethereum $4K.
  • 2024 defied norms, showing increased crypto activity on Memorial Day.

On the 27th of May, while the United States celebrated Memorial Day, an interesting disparity emerged in the financial markets.

While the U.S. Stock Market, including the Nasdaq and New York Stock Exchange (NYSE), were closed for the holiday, the cryptocurrency market was thriving.

Crypto market surges

Bitcoin [BTC] surged to the $70,000 mark, and various altcoins displayed significant gains on their daily charts. Ethereum [ETH] also briefly reached the $4,000 level, adding to the overall market excitement.

Echoing similar sentiments, Santiment’s X (formerly Twitter) post noted, 

“Bitcoin has eclipsed a $70K market value once again, while #MemorialDay has put US #equities markets on pause. This climb is particularly encouraging, as the positive movement reveals how #crypto markets can perform on the rare weekdays when it is not reliant on the stock market that it has been correlated with since 2022.

Santiment_X

Source: Santiment/X

Reiterating the same, TheoTrader noted, 

“Based on seasonality data, we tend to rally the week post memorial day, expect a bullish week ahead.” 

The past isn’t a blueprint for the present

However, as exciting as it is, this trend is quite unusual.

According to Bloomberg’s report, the crypto market volume dropped by 43% in 2020 and 35% in 2021 during the Memorial Day period, suggesting that activity is typically low during this holiday. 

But 2024 has been marked by new events and atypical market trends, and this was one of them. Remarking on the same, Ryan Detrick, Chief Market Strategist at CarsonGroupLLC said, 

Ryan Detrick's tweet

Source: Ryan Detrick/X

Historically, during election years, stock prices have fluctuated without a clear trend in the lead up to Memorial Day. After Memorial Day, however, stocks often shoot up, often known as a summer rally.

See also  UNI's price sees +15% uptick after Uniswap's new proposal beckons vote

What lies ahead? 

Since the stock market is closed on Memorial Day, it remains to be seen whether Ryan’s prediction will come true or not.

But, in the crypto realm where markets are always open, we’re already starting to get hints of where things might go in the near future.

As traditional assets continue to exhibit seasonal patterns, the cryptocurrency market’s independence and volatility present both opportunities and challenges for investors.

Previous: Ethereum: THIS can majorly impact ETH’s $5K price prediction
Next: Good news for XRPL is not always good news for XRP’s price – Why?

READ ALSO

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  • Memorial Day saw crypto thrive, with Bitcoin hitting $70K and Ethereum $4K.
  • 2024 defied norms, showing increased crypto activity on Memorial Day.

On the 27th of May, while the United States celebrated Memorial Day, an interesting disparity emerged in the financial markets.

While the U.S. Stock Market, including the Nasdaq and New York Stock Exchange (NYSE), were closed for the holiday, the cryptocurrency market was thriving.

Crypto market surges

Bitcoin [BTC] surged to the $70,000 mark, and various altcoins displayed significant gains on their daily charts. Ethereum [ETH] also briefly reached the $4,000 level, adding to the overall market excitement.

Echoing similar sentiments, Santiment’s X (formerly Twitter) post noted, 

“Bitcoin has eclipsed a $70K market value once again, while #MemorialDay has put US #equities markets on pause. This climb is particularly encouraging, as the positive movement reveals how #crypto markets can perform on the rare weekdays when it is not reliant on the stock market that it has been correlated with since 2022.

Santiment_X

Source: Santiment/X

Reiterating the same, TheoTrader noted, 

“Based on seasonality data, we tend to rally the week post memorial day, expect a bullish week ahead.” 

The past isn’t a blueprint for the present

However, as exciting as it is, this trend is quite unusual.

See also  Can BNB achieve mass adoption in 2024? What the roadmap suggests

According to Bloomberg’s report, the crypto market volume dropped by 43% in 2020 and 35% in 2021 during the Memorial Day period, suggesting that activity is typically low during this holiday. 

But 2024 has been marked by new events and atypical market trends, and this was one of them. Remarking on the same, Ryan Detrick, Chief Market Strategist at CarsonGroupLLC said, 

Ryan Detrick's tweet

Source: Ryan Detrick/X

Historically, during election years, stock prices have fluctuated without a clear trend in the lead up to Memorial Day. After Memorial Day, however, stocks often shoot up, often known as a summer rally.

What lies ahead? 

Since the stock market is closed on Memorial Day, it remains to be seen whether Ryan’s prediction will come true or not.

But, in the crypto realm where markets are always open, we’re already starting to get hints of where things might go in the near future.

As traditional assets continue to exhibit seasonal patterns, the cryptocurrency market’s independence and volatility present both opportunities and challenges for investors.

Previous: Ethereum: THIS can majorly impact ETH’s $5K price prediction
Next: Good news for XRPL is not always good news for XRP’s price – Why?
Tags: 70KBitcoindayhitsMarketsMemorialpauseStockSurgeU.S

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UK risks regulating NFTs the wrong way, says Mintable CEO

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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How Morgan Stanley’s ETF move is spurring Bitcoin’s ‘second-wave adoption’

How Morgan Stanley’s ETF move is spurring Bitcoin’s ‘second-wave adoption’

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Taproot Wizards Looks to Raise Over $34M in Long-Awaited Sale of Signature NFTs

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Bitcoin miner CleanSpark increased BTC treasury by 567% since 2023

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