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.
BTC Back to $98K
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
AVAX Up 5%
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
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