Crypto markets recover $100 billion on Christmas Day as Bitcoin hits $98,000 (Market Watch)

After a few days of corrections and sideways action, bitcoin finally went on the offensive on Christmas Eve briefly rising to just over $99,000.

Altcoins are also in the green, with notable gains like SOL, DOGE, AVAX and TON.

BTC Back to $98,000

Bitcoin went through a very turbulent and painful trading week that started last Wednesday after the last FOMC meeting of the year. Despite the Fed’s 25 basis point cut, BTC headed south and lost $16,000 in a few days, going from over $108,000 on Tuesday to $92,000 on Friday.

It bounced back over the weekend and even broke above $99,000, but it was short-lived. BTC started pulling back almost immediately and poured towards $92,000 once again on Monday.

It managed to hold that level and bounced back around $94,000 on Tuesday, and then came the Santa rally, which pushed it hard north. Within hours, the price of bitcoin went 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 gain.

Its market cap has soared to $1.94 trillion in CG, and its dominance over altcoins is once again over 54%.

Bitcoin/Price/Chart 25.12.2024. Source: TradingView AVAX up 5%

Most altcoins are also slightly in the green today. Ethereum has approached $3,500 after a 2% increase, while XRP is at $2.3 after jumping a similar percentage. BNB, ADA, TRX and LINK have posted identical increases.

Solana, Dogeocin and Toncoin are up around 2-4%, while AVAX has added almost 5% in value and is now above $40.

The largest daily gains among the top 100 came 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 approaching $3.6 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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