Crypto markets rebound with a $100 billion recovery on Christmas Day as Bitcoin surges to an impressive $98K.
After a few days of corrections and sideways activity, bitcoin went on the attack on Christmas Eve, momentarily reaching just over $99,000. Altcoins are also on the rise, with SOL, DOGE, AVAX, and TON all seeing significant gains.
BTC Returns to $98K
Bitcoin experienced a chaotic and difficult trading week that began last Wednesday, following the year’s final FOMC meeting. Despite the Fed’s 25 basis point rate decrease, BTC fell $16,000 in a matter of days, from more over $108,000 on Tuesday to $92,000 by Friday.
It bounced off throughout the weekend and even surged beyond $99,000, but it was short-lived. BTC started to retreat almost quickly and dropped toward $92,000 once more on Monday.
It held that level and rebounded to roughly $94,000 on Tuesday, before the Santa Claus rally propelled it north forcefully. Bitcoin’s price increased from $94,000 to slightly more than $99,000 in a couple of hours. Although it has lost some traction since then, BTC remains above $98,000 following a 4% daily climb.
Its market value has risen to $1.940 trillion on CG, and its dominance over altcoins is again over 54%..
Bitcoin/Price/Chart 25.12.2024. Source: TradingView AVAX Up 5%
The majority of cryptocurrencies are also marginally up today. Ethereum has risen by 2% to almost $3,500, while XRP has risen by a similar proportion to reach $2.3. BNB, ADA, TRX, and LINK all had equal rises.
Solana, Dogeocin, and Toncoin have all risen by about 2-4%, while AVAX has increased by about 5% and is currently worth more than $40. MOVE (26%), BGB (16%), PENGU (13%), JASMY (13%), and VET (10%) had the most daily gains among the top 100 altcoins. Since yesterday, the overall market capitalization of all crypto assets has increased by more than $100 billion, reaching about $3.6 trillion on CG.
Read more: Bitcoin Santa Rally Fades as Price Hits December Low
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