Bitcoin sees brief rebound to $99,000 on Christmas day

Bitcoin climbed past $99,000 on Christmas day, driven by renewed optimism that energized the market.According to CryptoSlate’s data, the leading digital asset gained over 5% in the last 24 hours, recovering from a weekly low of $92,973. At the time of writing, Bitcoin was trading at $98,000, showing the rebound wasn’t long-lived after days of declining prices.Altcoins joined the recovery, with Ethereum, XRP, and Solana each posting gains of over 4%.Notably, this momentum has lifted the global crypto market cap by 3.5% to $3.44 trillion. At the same time, the Crypto Fear and Greed Index climbed to 73, showing a sentiment of “Greed.”This bullish trend aligns with forecasts from Santiment, a blockchain analytics firm. The platform highlighted that market rebounds often follow panic-driven retail sell-offs, allowing larger investors, or “whales,” to accumulate assets at discounted prices.It stated:“Historically, when retail traders begin to sell based on panic and emotion, whales and sharks have opportunities to scoop up more coins with little resistance, creating bounces.”$300 million in liquidationsThe recent rally has not come without its share of turbulence. Data from CoinGlass revealed that over $290 million was liquidated in the past 24 hours, impacting 105,883 traders.Short positions accounted for most of these losses, with $162 million wiped out as Bitcoin prices climbed. On the other hand, traders with long positions betting on further upward momentum faced $128 million in liquidations.Bitcoin traders experienced the heaviest liquidation losses, with $78 million wiped out, followed by Ethereum traders, who saw $51 million in liquidations.Meanwhile, the largest single liquidation occurred on Okx, involving a $6.9 million ETH-USDT transaction, underscoring the market’s heightened volatility.Bitcoin Market DataAt the time of press 12:52 pm UTC on Dec. 25, 2024, Bitcoin is ranked #1 by market cap and the price is up 4.23% over the past 24 hours. Bitcoin has a market capitalization of $1.94 trillion with a 24-hour trading volume of $46.21 billion. Learn more about Bitcoin ›Crypto Market SummaryAt the time of press 12:52 pm UTC on Dec. 25, 2024, the total crypto market is valued at at $3.42 trillion with a 24-hour volume of $139.53 billion. Bitcoin dominance is currently at 56.76%. Learn more about the crypto market ›Mentioned in this article



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