Bitcoin surges above $90,000 without stock market’s help. Why that’s big for cryptos.

Cryptocurrency Market Sees Recovery After Recent Lows

Bitcoin has rebounded to trade at $91,600 early Thursday, up over 5% in the past 24 hours, according to CoinDesk data.

Bitcoin Reaches $91,600

• Up 5% over the past 24 hours
• Recovering from recent lows of around $82,000
• Still 28% off its record high of $126,272.76

Other Coins Experience Gains

• Ethereum rose 4.2% to $3,035
• XRP increased 1%
• Solana jumped 3.6%

Crypto Market Mirrors Stock Market Rally

The cryptocurrency market's rebound mirrors that of the stock market, which has rallied into Thanksgiving.

• The S&P 500 has climbed 4.2% over the past four trading days
• The technology-heavy Nasdaq Composite is up 5.2% over the past four days

Expert Analysis

Scope Markets analyst Joshua Mahony believes Bitcoin's strength could indicate more stock-market optimism following the holiday.

"The declines seen over recent months have gone hand in hand with wider market declines, raising concern over the potential implications for equity markets if crypto continues to tumble." — Joshua Mahony, Scope Markets analyst

However, Mahony also notes that the rebound in cryptocurrencies is continuing without the support of a stock-market rally.

"With that in mind, the gains seen in bitcoin raise optimism for a similarly positive session for U.S. stocks despite today's holiday closure." — Joshua Mahony, Scope Markets analyst