Thursday brought a nice surprise for crypto investors as Bitcoin (BTC) pushed higher while traditional markets celebrated fresh record highs. The world's largest cryptocurrency gained 1.40% to settle at $92,081 by 8:25 p.m. ET, keeping spirits relatively upbeat despite the Fed's hawkish tone from the day before.

Here's how the major cryptocurrencies traded Thursday evening:

Bitcoin's Afternoon Rally Boosts Derivatives Activity

Bitcoin showed real ambition late Thursday afternoon, climbing all the way to $93,550 before reality set in and it retreated to around $91,000 overnight. Trading volume actually dipped 3% over the past 24 hours, suggesting the move wasn't fueled by massive speculative frenzy.

Ethereum (ETH) had a less exciting day, wobbling around the $3,200 level with an attempt to break through $3,270 that got swatted down by sellers. XRP (XRP) and Dogecoin (DOGE) posted modest gains that barely registered.

In the stock market, crypto-adjacent plays had a rougher time. Strategy Inc. (MSTR) closed down 0.73% while Coinbase Global Inc. (COIN) dropped 2.21% during regular trading.

The derivatives market told an interesting story. Bitcoin's open interest climbed 2.27% to $59.20 billion over the past 24 hours, while Ethereum derivatives saw funds locked in rise by a more modest 0.29%. That divergence suggests traders are getting more interested in positioning themselves around Bitcoin's next move.

Liquidations hit $376 million over the last day, according to Coinglass, with $227 million of that coming from bullish long positions that got caught offsides. Despite that pain, 62% of Binance traders with open Bitcoin positions were still betting on higher prices, based on the Long/Short Ratio.

The Crypto Fear and Greed Index continued to register "Fear" sentiment, which makes sense given the market's recent volatility and uncertainty around the Fed's next moves.

Top 24-Hour Performers:

The global cryptocurrency market capitalization stood at $3.14 trillion after increasing a modest 0.17% over 24 hours.

Traditional Markets Hit Fresh Records

While crypto had a decent day, traditional equities had an even better one. The Dow Jones Industrial Average surged 646.26 points, or 1.34%, to close at 48,704.01. The S&P 500 rose 0.21% to finish at 6,901.00. The tech-heavy Nasdaq Composite was the odd one out, slipping 0.26% to settle at 23,593.86.

Oracle Corp. (ORCL) had a particularly brutal day, plunging 10.83% after delivering earnings and guidance that fell short of Wall Street's expectations.

The rally came as investors continued processing Wednesday's Federal Reserve decision to cut the federal funds rate by 25 basis points to a range of 3.50% to 3.75%. Fed Chair Jerome Powell also made clear that rate hikes aren't on the horizon anytime soon, which helped ease some market jitters.

Signs of Life in Ethereum

Blockchain analytics firm CryptoQuant spotted something potentially important happening with Ethereum. The firm noted that taker flows on Binance are recovering from the selling pressure that peaked back in late October.

"Net Taker Volume tracks the balance between aggressive buyers and sellers," CryptoQuant explained. "The recent move upward in Net Taker Volume shows that taker buyers are returning."

According to the research firm, this development "opens the door" for upward price momentum. In other words, the aggressive buyers who typically drive rallies might be coming back to the table after sitting out for weeks.

Analyst Eyes $100K Bitcoin in 2025

Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, had positive things to say about Bitcoin's recent behavior. He called the price action "great" and noted that the odds of testing $100,000 in 2025 have risen.

"Well, this is not going to be breaking downwards," Van De Poppe predicted, suggesting he sees a floor forming under current prices.

That's the kind of optimism that's been in short supply lately, as Bitcoin has spent weeks bouncing around below the six-figure level it briefly touched earlier this year. Whether Van De Poppe's prediction proves accurate will depend on numerous factors, including the broader economic environment, regulatory developments, and whether institutional interest continues growing.

For now, though, the combination of recovering derivatives interest, improving taker flows on major exchanges, and a Fed that's done hiking rates provides a decent foundation for the bulls to work with.