Bitcoin and ether extended their rebound on Thursday as a surge in major tech stocks lifted overall market sentiment. Bitcoin climbed to $91,700 and ether reached $3,030, drawing momentum from Wednesday’s equity rally led by Alphabet and Nvidia, which pushed the Nasdaq to its strongest four-day run since May.
Traders continued to favor bitcoin over smaller tokens, with BTC’s 5.4% daily gain outshining nearly all major cryptocurrencies. CoinMarketCap’s “altcoin season” index reflected the shift, sliding to 22/100—well below October’s reading of 67/100—showing that risk appetite remains concentrated in the market’s largest asset.
Volatility expectations eased again as bitcoin’s 30-day implied volatility gauge, BVIV, dropped to 50%, nearly reversing last week’s spike to 65%. In the options market, traders leaned into bullish year-end positioning, accumulating a sizable call-condor structure between the $100,000 and $118,000 strikes worth $6.5 million. Despite the optimism, heavy call selling around $100,000 and lighter demand for downside hedges kept implied volatility muted.
Spot flows dominated the move, with bitcoin open interest holding steady even as prices advanced. Altcoin derivatives activity, however, picked up significantly: open interest in ether, solana, and zcash saw outsized increases, suggesting traders were shifting toward leveraged plays outside of bitcoin, according to Coinalyze.
Trading volumes remained in line with earlier in the week before easing ahead of the Thanksgiving break in the U.S. While the broader altcoin market lagged, some tokens posted notable gains. SKY (formerly MKR) surged 10% as it bounced off last week’s lows, and DASH, ETHFI and AVAX rose between 6.7% and 7.7%. Weakness persisted in parts of the market, with ENA and TAO both sliding more than 2%.
Marketwide RSI indicators show the asset class approaching overbought territory. AVAX, SPX and PENDLE are already flashing elevated readings, suggesting a potential cooldown unless buying pressure continues.
The near-term trajectory for altcoins remains tightly linked to bitcoin. A breakout above the downtrend that has capped BTC since October—and a push toward the $100,000 mark—could broaden the rally. But if bitcoin fails to hold recent gains and dips back into the low-$80,000 zone, thin liquidity could amplify declines across the altcoin sector.
