Bitcoin and ether pushed higher on Thursday as a rebound in tech stocks spilled over into crypto markets, sparking renewed optimism for a year-end rally. Bitcoin climbed to $91,700 and ether reached $3,030, extending gains from Wednesday’s equity surge led by Alphabet and Nvidia that helped the Nasdaq log its strongest four-day advance since May.
Market attention stayed firmly on bitcoin. Its 5.4% rise over the last 24 hours outpaced 18 of the 20 largest digital assets, underscoring traders’ preference for liquidity as altcoins continue to lag. CoinMarketCap’s “altcoin season” gauge illustrated the shift, slipping to 22/100 from highs near 67/100 in October.
Volatility expectations eased further. Bitcoin’s 30-day implied volatility index, BVIV, fell to 50%, nearly erasing last week’s spike to 65%. Options traders positioned for a possible “Santa rally” by building a large $6.5 million call-condor spread across $100,000 to $118,000 strikes. Even so, steady call-selling near $100,000 and waning demand for put protection kept implied volatility contained.
Spot buying appeared to power the rally, with bitcoin open interest holding steady despite the price move. Altcoin derivatives told a different story as open interest in ether, solana and zcash rose sharply—suggesting traders were more willing to use leverage outside of bitcoin, according to Coinalyze.
Trading volumes held close to midweek levels before tapering ahead of the U.S. Thanksgiving holiday. Several altcoins showed pockets of strength: SKY (formerly MKR) rose 10%, while DASH, ETHFI and AVAX posted gains between 6.7% and 7.7%. Others diverged, with ENA and TAO slipping more than 2%.
Marketwide RSI readings indicate that crypto is edging toward overbought territory. Tokens such as AVAX, SPX and PENDLE are already flashing elevated readings, hinting at the possibility of a near-term cooldown if buying momentum fades.
For now, altcoins remain tied to bitcoin’s next move. A breakout above the downtrend that began in October and a push toward $100,000 could unlock broader upside across the market. But if bitcoin reverses and revisits the low-$80,000 range, thin liquidity may amplify losses for many smaller tokens.
