Bitcoin

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%.

Coincu

Recent Posts

Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025

London, united kingdom, 22nd November 2024, Chainwire

2 hours ago

Robinhood Exec Dan Gallagher Declines SEC Leadership Role

Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…

2 hours ago

Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?

Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…

3 hours ago

Franklin Templeton Digital Assets and Sui Now Join Hands to Strengthen DeFi Strategy

Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.

3 hours ago

Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges

See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…

3 hours ago

This website uses cookies.