Cryptocurrency rebounds with strong gains on Thanksgiving 2023 … –|EditorNikhilesh Pawar

Published Nov 23, 2023 02:02PM ET

Cryptocurrency markets have witnessed a notable rebound, particularly for investors who placed their bets on Bitcoin (BTC) and Ethereum (ETH) on Thanksgiving Day last year. Despite the tumultuous period that saw a steep decline from the previous year's all-time highs, those who invested anew during the last Thanksgiving have seen substantial gains.

On today, Thanksgiving Day 2023, discussions in America are not just about turkey and family gatherings but also about the cryptocurrency market trends. These conversations are especially relevant in light of the high volatility and significant events such as cryptocurrency bankruptcies that have impacted investor sentiment. From one Thanksgiving to the next, major cryptocurrencies including Bitcoin experienced significant declines, with a combined investment of $3,000 plummeting to just $905.69.

However, in an impressive turnaround, those who took advantage of what was perceived as a favorable entry point on the subsequent Thanksgiving Day have experienced overall positive investment performance. Bitcoin investors realized a substantial increase of 123.3%, and Ethereum followed suit with a 70.5% rise. Dogecoin, on the other hand, lagged with a 9.2% decrease. Nevertheless, these investments cumulatively pushed their initial $3,000 outlay to an impressive $4,846.24a total uptick of 61.5%.

This performance starkly contrasts with that of traditional stock market behavior over the same period. While the S&P index fund returned just under 13%, those who directed their funds toward Bitcoin from its all-time high price point and Ethereum at peak valuationalongside Dogecoin after its early-year risehave witnessed their portfolio grow to approximately $4.8k, marking an overall gain of over 61%.

The cryptocurrency market's resilience demonstrates its potential for rapid recovery and substantial gains despite periods of significant volatility and downturns. This Thanksgiving, many investors have more than just their holiday feast to celebrate.

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