After a few days of correction and sideways trading, Bitcoin finally gained momentum on Christmas Eve, briefly breaking above $99,000.
At the same time, altcoins have also experienced a rally, with prices of currencies such as SOL, DOGE, AVAX and TON rising significantly.
BTC returns to $98,000
Bitcoin has had a volatile and challenging trading week since the Federal Reserve held its last FOMC meeting of the year last Wednesday. Despite the Fed’s 25 basis point rate cut, BTC prices have continued to fall, plummeting by $16,000 in just a few days, from more than $108,000 on Tuesday to $92,000 on Friday.
However, over the weekend, the price of Bitcoin rebounded and briefly surpassed $99,000, but this rise was not sustained. The price soon began to fall back and fell again to $92,000 on Monday.
After a period of consolidation, Bitcoin managed to hold this level and rebounded to around $94,000 on Tuesday. Then, a Santa Claus rally took it to over $99,000. Although the price of Bitcoin quickly climbed from $94,000 to just over $99,000 in just a few hours, it still lost some momentum since then. Despite this, after a daily increase of 4%, Bitcoin still remains above $98,000.
Its market cap has surged to $1.94 trillion on CG, while Bitcoin’s dominance over altcoins has also risen back above 54%.
Bitcoin price chart December 25, 2024.
AVAX up 5%
Most altcoins are up slightly today. Ethereum is up about 2% near $3,500, while XRP is up a similar 2.3%. BNB, ADA, TRX, and LINK are all seeing similar gains.
Solana, Dogeocin, and Toncoin rose by about 2-4%, with AVAX performing even better, up nearly 5%, and now trading above the $40 mark.
Among the top 100 altcoins with the largest gains, MOVE led the gains (+26%), BGB, PENGU, JASMY rose by 16%, 13%, and 13% respectively, and VET also rose by 10%.
The total market capitalization of all crypto assets has increased by more than $100 billion since yesterday, bringing the total market value to nearly $3.6 trillion.
Cryptocurrency market overview.
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