Memorial Day Surge: Bitcoin Hits $70K as US Stock Markets Pause

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

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

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

Outbreaks in the crypto market

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

Echoing similar sentiments, Sanctity Post X (formerly Twitter) noted,

“Bitcoin eclipsed the $70K market cap once again as #MemorialDay put US stock markets on pause. This rise is particularly encouraging as the positive movement reveals how #cryptomarkets can function on the rare days of the week when they are not dependent on the stock market with which they have been correlated since 2022.

Source: Santiment/X

Reiterating the same, TheoTrader observed,

“Based on seasonality data, we tend to rise the week after Memorial Day, we expect a rising week ahead.”

The past is not a blueprint for the present

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

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

But 2024 was marked by new events and atypical market trends, and this was one of them. Commenting on the same, Ryan Derickchief market strategist at CarsonGroupLLC said:

Source: Ryan Detrick/X

Historically, during election years, stock prices have fluctuated without a clear trend before Memorial Day. After Memorial Day, however, stocks often soar, known as a summer rally.

What comes next?

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

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

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

Fuente