The crypto market experienced a real Christmas rally this December 25, 2024, with bitcoin rising to $98,000, leading to a general rise that added more than $100 billion to the total market capitalization.
A historic Christmas day for Bitcoin
The crypto market celebrates Christmas with a spectacular rise that began the day before December 25. Starting from $94,000, bitcoin climbed quickly to come close to the symbolic $100,000 mark, briefly reaching $99,000 before stabilizing around $98,000. This 4% increase in a few hours represents a substantial gain for holders, bringing the capitalization of bitcoin to $1,940 billion.
The rise comes after a tumultuous period triggered by the last meeting of the American Federal Reserve. Despite the announcement of a 25 basis point drop in key rates, bitcoin paradoxically fell by $16,000, going from $108,000 to $92,000 at the end of last week.
The dominance of bitcoin on the crypto market has strengthened, now exceeding 54%, with a capitalization approaching $1,940 billion. This performance demonstrates the renewed confidence of institutional investors in the digital asset, despite recent volatility.
The timing of this rally, coinciding with Christmas festivities, is reminiscent of historical movements seen during previous year-end periods, where the crypto market often showed increased activity.
A ripple 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, driven by notable performances across all altcoins.
Ethereum, the second largest crypto, moved closer to $3,500 with an increase of 2%. Other major assets like Avalanche saw bigger gains, with a 5% rise taking its price above $40. Solana and Dogecoin were not left out, posting gains between 2 and 4%.
Smaller caps also joined in the fun, with some tokens like MOVE and BGB seeing spectacular increases 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 brilliant as the market's performance, and may 2025 continue this promising momentum!
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