Bitcoin Ends Christmas in the Green as Crypto Market Starts to Recover from Bearish Trends
Bitcoin price ends Christmas day in the green as BTC hovers around $3,830 as the total crypto market cap gets back to $131 billion after being as high as $147 billion earlier this month.
Since November, Bitcoin lost around 50% of its value falling from $6,400 down to almost $3,130 a few days ago. The cryptocurrency market followed that trend as it lost also around $110 billion dollars during the same period of time.
However, during the last few days, the market rebounded and several crypto analysts and experts called the bottom. The whole cryptocurrency market reached a market capitalization of $100 billion, which later increased up to $147 billion. This 47% increase was very positive for enthusiasts that started to be very bullish about the future of the space.
In the last days, cryptocurrencies such as Ethereum (ETH) or XRP registered interesting gains. Indeed, it seems that some altcoins have also recovered. Bitcoin’s dominance has dropped around 10% in just a few days. Most of the increase has bee registered by Ethereum and Bitcoin Cash (BCH). These two digital assets were the best performing in the top 10 during the last week.
However, Christmas surprised the market with another sell-off. Most of the virtual currencies are operating negatively. The main losses in the top 10 have been registered by Bitcoin Cash (BCH), followed by EOS and Bitcoin Satoshi Vision (BSV). They have lost 17.58%, 15.66% and 15% respectively in 24 hours. Bitcoin is also almost 9% down compared to 24 hours ago.
Since the whole crypto market capitalization reached $147 billion it lost 13%. Now it is currently $127 billion.
Although the market seemed to have recovered from its bottom, it is not clear whether the bull trend that started a few days ago would continue. Bitcoin couldn’t sustain itself above $4,200 for a long period of time, and it broke several times under $4,000. The bears remain in control of the market showing that cryptocurrencies might need several weeks traded positively before analyst could confirm that we have reached a bottom.
At the time of writing, Bitcoin is being traded around $3,830 a price that the market is currently trying to break. Bitcoin’s market capitalization if $67.55 billion.