After struggling against the recent massive market sell-off and entertaining fears that crypto could be coming to an end, Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH) have now managed to rally today. This spark hopes that the so-called Santa rally may be in full swing. The Santa rally describes the rise of prices during the month of December. It is typically observed until the final week of trading for the month just before new years eve.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) Gained 10% After Rallying to $3,500 in Last 24 Hours
According to recent prices via Luxembourg-based Bitstamp exchange, the price of Bitcoin (BTC) has added by 10% in the last 24 hours moving to $3,500. The bounce in the price of the digital asset is likely going to fuel investor hopes once more that the worst year in the era of cryptocurrencies could be over. The actual cause of the rally is yet to be known, although the recent drop in prices which has also affected the equity markets has left investors eagerly anticipating a bottom to the market.
$700 Billion in Loses During the Year
The rally comes in a time when investors reflect on a torrid year for the top digital asset having seen a whopping $700 billion wiped off the total value of the largest cryptocurrencies including XRP, and Ether. Today makes it one year that the price of Bitcoin (BTC) peaked at $19,000. Bitcoin (BTC) has been tumbling throughout the year as investors are concerned that global regulators may soon crack down on digital currencies, which can potentially hamper adoption and long-awaited institutional investments.
This year has seen Bitcoin (BTC) go down by 83% since it recorded its all-time high a year ago. While Ripple (XRP), the second most valuable digital asset and Ethereum (ETH) have recorded similar loses throughout the year. The total value of cryptocurrencies added about $13 billion today, rising to $115 billion.
Bitcoin’s price has also added some $300 over the last 24 hours. Bitcoin (BTC) and many other top digital tokens tanked in Nov after a civil war among Bitcoin Cash (BCH) developers and miners resulted in panic which ultimately made investors to bail out of their positions, inevitably wiping off billions from the market capitalizations of cryptocurrencies.
Bitcoin’s rally is definitely going to bring relief to the crypto faithful and bitcoin bulls, who have been trying to keep an upbeat attitude in the face of a market collapse. We can only hope that that the worse is over. For now, investors can make do with this news regarding BTC.
Crypto Investors are Getting Used to Seeing Red on Trading Boards
Bitcoin’s business bosses have now come out in full force in recent days in a bid to reassure the crypto market and investors that the worse may be over soon. Stephen Pair, the chief executive at Bitcoin’s payments processor BitPay, has predicted that Bitcoin and cryptocurrencies will be widely used in three to five years. In other news, the CEO of Circle, the Boston-based fintech startup also said both BTC and Ether, the third largest virtual currency by market cap after ripple’s XRP, appear to be had oversold conditions after the price falls that have hit the market recently.