After a few days of corrections and sideways action, bitcoin finally went on the offensive on Christmas Eve by skyrocketing briefly to just over $99,000.
The altcoins are also in the green, with notable increases from the likes of SOL, DOGE, AVAX, and TON.
Bitcoin went through a highly turbulent and painful trading week that started last Wednesday after the last FOMC meeting for the year. Despite the Fed’s rate cut of 25 basis points, BTC headed south and lost $16,000 within days, going from over $108,000 on Tuesday to $92,000 on Friday.
It bounced off during the weekend and even spiked above $99,000, but that was short-lived. BTC started to retrace almost immediately and dumped toward $92,000 once again on Monday.
It managed to sustain that level and recovered to around $94,000 on Tuesday, and then came the Santa Claus rally, which pushed it north hard. In a matter of a few hours, bitcoin’s price jumped from $94,000 to just over $99,000. Although it has lost some traction since then, BTC is still above $98,000 after a 4% daily increase.
Its market capitalization has shot up to $1.940 trillion on CG, and its dominance over the altcoins is back above 54%.
Bitcoin/Price/Chart 25.12.2024. Source: TradingView
Most altcoins are slightly in the green today as well. Ethereum has neared $3,500 after a 2% increase, while XRP is up to $2.3 after jumping by a similar percentage. BNB, ADA, TRX, and LINK have posted identical increases.
Solana, Dogeocin, and Toncoin have jumped by around 2-4%, while AVAX has added nearly 5% of value and now sits above $40.
The biggest daily gains from the largest 100 alts come from MOVE (26%), BGB (16%), PENGU (13%), JASMY (13%), and VET (10%).
The cumulative market cap of all crypto assets has added over $100 billion since yesterday and is close to $3.6 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto
The post Crypto Markets Recover $100 Billion on Christmas Day as Bitcoin Taps $98K (Market Watch) appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
