23 Dec 2019 Marsha Tusk
Pre-Christmas Price Increase For Bitcoin, Gaining Six Percent In Just 24 Hours
The world’s largest cryptocurrency based on market capitalization, Bitcoin, experienced a significant price boost during the last 24 hours, driving the entire crypto sector up in terms of numbers. Although Bitcoin’s price is defined differently by crypto exchanges, Bitcoin’s price mostly stayed above $7,600, before making a slight return to trade at $7,578.93 as of press time.
However, the recent six percent gain didn’t do much to recover from the downfall, which started in July, when Bitcoin reached its yearly high of over $13,000. Nevertheless, Bitcoin is set to finish the year, doubling the price from the beginning of 2019. The world’s #1 crypto also increased its dominance over the other cryptocurrencies from 51 percent in January to close to 69% in late December.
Most of the sector awaited for the Christmas rally with hopes Bitcoin’s price would exceed $8,000 and will secure solid support zones. The so-called “Santa rally” only managed to boost Bitcoin’s price with around $500. Now, it seems Bitcoin found solid ground at $7,500 with $7,800 and $8, 000 as key resistance levels, according to crypto experts.
Other cryptocurrencies responded rapidly to Bitcoin’s price jump. Ethereum marked a nearly three percent price increase in the past 24 hours, currently being traded at $133.69 rate. Ripple added a percent to its price, EOS, Bitcoin Cash, and most of the top-20 list recorded 2-4% price boosts.
Marketwise, the entire crypto sector also received a five percent boost, driving the total market capitalization to shine with numbers hitting $199,839,294,646 as of press time.
However, the market continues its downfall in Q4 of 2019, with October marking highs of little over $261 billion. Market capitalization also follows Bitcoin’s price pattern, resulting in a 50% decline from this year’s high of $386 billion, but marking a $75 billion increase since January 1st.