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The crypto market experienced a real Christmas rally this year on December 25, 2024, when Bitcoin rose to $98,000, leading to a general surge that added more than $100 billion to the total market capitalization.
Historic Christmas Day for Bitcoin
The crypto market is celebrating Christmas with a spectacular rally that started the day before December 25th. Starting at $94,000, Bitcoin quickly climbed closer to the symbolic $100,000 mark, briefly reaching $99,000 before stabilizing around $98,000. This 4% increase in a few hours represents a significant gain for holders, bringing Bitcoin’s capitalization to $1,940 billion.
The rise comes after a tumultuous period sparked by the US central bank’s latest meeting. Despite the announcement of a key rate cut of 25 basis points, bitcoin paradoxically fell by $16,000, from $108,000 to $92,000 at the end of last week.
Bitcoin’s dominance in the crypto market has strengthened, now exceeding 54%, with a capitalization approaching $1,940 billion. This performance demonstrates institutional investors’ renewed confidence in digital assets, despite recent volatility.
The timing of this rally, which coincides with the Christmas holidays, is reminiscent of the historical moves seen during the period late last year, when the crypto market often showed increased activity.
A domino effect across the entire crypto market
The rise of Bitcoin has had a positive effect on the entire crypto sector. The total market capitalization is now approaching $3.6 trillion thanks to remarkable performances across all altcoins.
Ethereum, the second largest cryptocurrency, approached $3,500 with a 2% gain. Other major assets such as Avalanche saw bigger gains, with a 5% gain taking its price above $40. Solana and Dogecoin were not left out, posting gains of between 2 and 4%.
Smaller caps also got in on the fun, with some tokens like MOVE and BGB seeing spectacular gains of up to 26% and 16% respectively.
While Santa Claus seems to have generously stocked the basket of crypto investors this year, the whole team wishes you a Merry Christmas! May this end of the year be as great as the market performance, and may 2025 continue on this promising path!
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I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.