Crypto market cheers after a “Santa Claus rally” when the Bitcoin price crosses

Bitcoin, the largest cryptocurrency by market capitalization, crossed the $ 50,000 mark for the first time since December 13th. As of the time of writing, Bitcoin price is changing hands at $ 50,789.

BTC / USD 4-hour chart | Source: TradingView

Santa Claus rally brings Bitcoin price to $ 50,000

Meanwhile, trading volume is at a two-day low ahead of Christmas. Bitcoin’s trading volume on the major centralized exchanges was slightly higher than it was a day ago.

BTC is still 26.6% off its November 10th all-time high of $ 69,044.77 – but the last time it exceeded $ 50,000 was 11 days ago.

The decline in December could be attributed to “year-end profit-taking” and “people selling to buy gifts”. Bitcoin is expected to recover in the new year. Is it possible that people are now using scraps from Christmas shopping to replenish crypto?

Ethereum, the second largest cryptocurrency by market cap, is up 2.5% in the past 24 hours: the asset is currently trading at $ 4,110 after falling below $ 4,878 last month.

And the big players are also recovering in the world of altcoins. Solana (SOL) was up 5.6% on the past day and is now $ 191. Solana, the network behind the fifth largest digital asset in the crypto market, has done exceptionally well this year. Cardano, the eighth largest cryptocurrency by market capitalization, outperformed today: up 7.4% in 24 hours and trading at $ 1.45.

Crypto Twitter cheered the so-called Santa Claus rally for Bitcoin. The oldest cryptocurrency by market capitalization struggled for over a week to crack over $ 50,000 while other altcoins like LUNA and MATIC climbed to record highs.

Many people worried about the possibility of a cold crypto winter in 2022 may be more optimistic. Maybe they should hold back before they celebrate: We still have over a week next year. 2021 and anything can happen.

The altcoin market has rallied unevenly today. The total capitalization of the crypto market is $ 2.379 trillion and the bitcoin dominance is 40.4%.