As a seasoned crypto investor with a decade-long journey under my belt, I must admit that the current Bitcoin surge on Christmas Eve is nothing short of exhilarating. The rollercoaster ride we’ve all been on has been filled with its fair share of ups and downs, but this particular spike feels like a well-deserved “Christmas miracle.
On Christmas Eve, the cost of the top-ranked digital currency, Bitcoin, is getting close to hitting the $100,000 mark yet another time.
At the moment, a single unit of the original cryptocurrency is being traded for approximately 98,703 dollars, as per data from CoinGecko.
The cryptocurrency has surged by nearly 6% in mere hours, with some pundits jokingly describing this overperformance as a “Christmas miracle.”
After a sudden increase, it seems that Bitcoin skeptics may not be feeling particularly jolly. As per information from CoinGlass, approximately $61 million in Bitcoin short positions were forced to close over the last four hours.
The S&P 500 index has also closed 1% higher while the tech-heavy Nasdaq 100 index, which recently added business intelligence MicroStrategy, is up by 1.3%.
The recent Bitcoin purchase is a welcome development for Bitcoin bulls had been struggling to regain ground following the Fed’s hawkish rhetoric. However, even following the most recent price surge, the Bitcoin price is still down roughly 9% from its record high of $108,135 on Dec. 17.
During Christmas Eve last year, Bitcoin was being exchanged at approximately $43,000. However, in the year 2022, this leading cryptocurrency was being traded around $16,000 after experiencing a significant drop due to the collapse of FTX.
To date, the value of this cryptocurrency has climbed approximately 140% in 2024, with financial experts like Anthony Scaramucci from SkyBridge Capital predicting a potential doubling of its price in 2025.
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2024-12-24 21:24