What do traders do when the stock market is closed? Apparently, they put their money in cryptos. It’s a generally accepted trend that when the stock market is closed, avid traders pivot to the crypto world on sites like Twitter and StockTwits. During this prolonged holiday weekend on the stock market, cryptos performed no different:
💰Bitcoin, Ethereum, and altcoins all surged after the market closed on Thursday for the holiday weekend. Bitcoin surged over 2% at its peak. Ethereum pulled an even more impressive 10.3% jump.
💰 DeFi coins such as Uniswap, Compound, Curve, and Numeraire all saw single-day jumps in excess of 10%. Numeraire, one of the biggest winners from this weekend, jumped as much as 34% in one day.
💰As the weekend waned, most cryptocurrencies corrected. By Saturday evening, Bitcoin was trading below its close on Thursday. However, not all cryptos dropped. Ethereum was still up nearly 7% over the three-day period since Thursday at the market close.
So what does this mean for you? Well, Public plans to add crypto trading in the future, so if you’re curious about crypto — it’s a trend to take a look at. The majority of money going into crypto right now is from retail, helping to prolong this bull-run. However, there’s no way of knowing if this trend will continue if a downturn comes.