Bitcoin's price has risen above $50,000 as we approach the holiday season.



Bitcoin had been in free fall for more than a week and a half. It now appears to be galloping skyward once more, like it did last Christmas.
After weeks of struggle, Bitcoin's price today surpassed $50,000. According to CoinGecko data, the largest cryptocurrency by market size was trading for $50,978.58 at the time of writing, up 3.4 percent in the last 24 hours.

It's still 26.6 percent behind its all-time high of $69,044.77 set on November 10—but it was above $50,000 only 11 days ago.

Analysts previously told Decrypt that the December slump was likely due to "year-end profit taking" and "people selling to buy presents" and that Bitcoin would likely make a come-back in the new year. Could it be that people are now using leftover cash from Christmas shopping to pump back into crypto?

Ethereum, the second-largest cryptocurrency by market cap, posted gains of 2.5% in the past 24 hours: the asset right now is trading for $4,124.90 after having dipped well below its all-time of $4,878.26 over the past month.

And in the world of altcoins, the major players were also bouncing back. Ethereum competitor Solana is up 5.6% in the past day, and is now valued at $191.10. Solana, the network behind the crypto market's fifth biggest digital asset, has done remarkably well this year. Its coin, SOL, used to pay for transactions in the DeFi ("decentralized finance") ecosystem and for NFT trading activity, is one of the best performing cryptos of 2021.

Cardano, the eighth-largest cryptocurrency by market cap, was doing even better today: up 7.4% in 24 hours and trading for $1.45.

Those worried about the possibility of a chilly crypto winter in 2022 may be feeling more optimistic, but they should perhaps hold their horses before celebrating: We still have over one week left of 2021 and anything can happen.

kobocrypto comments are now open to all! Please keep discussions civil and on-topic.

DISCLAIMER

The opinions expressed here do not reflect those of kobocrypto.com or any of its employees.

Post a Comment

0 Comments