After a few days of corrections and sideways action, bitcoin finally went on the offensive on Christmas Eve by briefly skyrocketing to just over $99,000.
Altcoins are also in the green, with notable increases from companies like SOL, DOGE, AVAX, and TON.
BTC returns to $98K
Bitcoin went through a very turbulent and painful trading week that began last Wednesday after the last FOMC meeting of the year. Despite the Federal Reserve’s 25 basis point rate cut, BTC headed lower and lost $16,000 in a matter of days, going from over $108,000 on Tuesday to $92,000 on Friday.
It bounced over the weekend and even surpassed $99,000, but that was short-lived. BTC began to pull back almost immediately and fell towards $92,000 once again on Monday.
It managed to hold that level and recovered to around $94,000 on Tuesday, and then came the Santa Claus rally, which pushed it hard north. In a matter of a few hours, the price of bitcoin 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 skyrocketed to $1.94 trillion in CG, and its dominance over altcoins has once again exceeded 54%.
AVAX rises 5%
Most altcoins are also slightly in the green today. Ethereum has approached $3,500 after a 2% rise, while XRP has risen to $2.3 after jumping by a similar percentage. BNB, ADA, TRX and LINK have recorded identical increases.
Solana, Dogeocin and Toncoin have risen between 2% and 4%, while AVAX has added almost 5% in value and now sits above $40.
The biggest daily gains of the top 100 alts come from MOVE (26%), BGB (16%), PENGU (13%), JASMY (13%), and VET (10%).
The cumulative market capitalization of all cryptoassets has totaled over $100 billion since yesterday and is close to $3.6 trillion in CG.
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Cryptocurrency charts by TradingView.
