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After a few days of corrections and sideways action, bitcoin finally went on the offensive on Christmas Eve by skyrocketing briefly to just over $99,000.
The altcoins are also in the green, with notable increases from the likes of SOL, DOGE, $AVAX, and TON.
$BTC Back to $98K
Bitcoin went through a highly turbulent and painful trading week that started last Wednesday after the last FOMC meeting for the year. Despite the Fed’s rate cut of 25 basis points, $BTC headed south and lost $16,000 within days, going from over $108,000 on Tuesday to $92,000 on Friday.
It bounced off during the weekend and even spiked above $99,000, but that was short-lived. $BTC started to retrace almost immediately and dumped toward $92,000 once again on Monday.
It managed to sustain that level and recovered to around $94,000 on Tuesday, and then came the Santa Claus rally, which pushed it north hard. In a matter of a few hours, bitcoin’s price 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 shot up to $1.940 trillion on CG, and its dominance over the altcoins is back above 54%.
$AVAX Up 5%
Most altcoins are slightly in the green today as well. Ethereum has neared $3,500 after a 2% increase, while XRP is up to $2.3 after jumping by a similar percentage. BNB, ADA, TRX, and LINK have posted identical increases.
Solana, Dogeocin, and Toncoin have jumped by around 2-4%, while $AVAX has added nearly 5% of value and now sits above $40.
The biggest daily gains from the largest 100 alts come 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 close to $3.6 trillion on CG.
