Cryptocurrency Markets Recovered $100 Billion on Christmas Day as Bitcoin Hit $98K (Market Watch)

After several days of corrections and sideways movement, Bitcoin finally went on the offensive on Christmas Eve, briefly soaring to just over $99,000.

Altcoins are also in the black, with notable growth compared to cryptocurrencies such as SOL, DOGE, AVAX and TON.

BTC returned to $98 thousand.

Bitcoin has had a very turbulent and painful trading week since last Wednesday following the last FOMC meeting of the year. Despite the Fed’s 25 basis point rate cut, BTC went down and lost $16,000 in a matter of days, rising from over $108,000 on Tuesday to $92,000 on Friday.

It rebounded over the weekend and even rose above $99,000, but that didn’t last long. BTC began to recover almost immediately and fell back to $92,000 on Monday.

It managed to hold on to that level and rebounded to around $94,000 on Tuesday before the Santa Claus rally came along and gave it a big boost. Within hours, the price of Bitcoin jumped from $94,000 to just over $99,000. Even though it has fallen out of favor a bit since then, BTC is still above $98,000 after rising 4% daily.

Its market capitalization on CG rose to $1.940 trillion and its dominance over altcoins once again exceeded 54%.

AVAX is up 5%

Most altcoins are also slightly higher today. Ethereum approached $3,500 after rising 2%, while XRP rose to $2.3 after jumping by a similar percentage. BNB, ADA, TRX and LINK showed similar growth.

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

The biggest daily gains from the top 100 alternatives came from MOVE (26%), BGB (16%), PENGU (13%), JASMY (13%) and VET (10%).

The combined market capitalization of all crypto assets has increased by over $100 billion since yesterday and is approaching $3.6 trillion CG.


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