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On Christmas day, Bitcoin surged past $99,000, fueled by a resurgence of optimism that revitalized the market.
As per data from CryptoSlate, the premier digital currency increased by more than 5% within the last 24 hours, bouncing back from a weekly low of $92,973. At the time of this report, Bitcoin was trading at $98,000, indicating that the recovery was short-lived following several days of price declines.
Altcoins also participated in the upswing, with Ethereum, XRP, and Solana each recording gains exceeding 4%.
This upward momentum has propelled the global cryptocurrency market capitalization by 3.5% to $3.44 trillion. Concurrently, the Crypto Fear and Greed Index rose to 73, reflecting a sentiment of “Greed.”
This optimistic trend corresponds with predictions from Santiment, a blockchain analytics company. The platform pointed out that market recoveries frequently occur after panic-induced sell-offs by retail investors, enabling larger players, or “whales,” to acquire assets at lower prices.
It noted:
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“Historically, when retail traders start to sell due to panic and emotions, whales and sharks find opportunities to acquire more coins with minimal resistance, leading to rebounds.”
$300 million in liquidations
The recent surge has not been without its challenges. Data from CoinGlass indicated that over $290 million was liquidated in the last 24 hours, affecting 105,883 traders.
Most of these losses were attributed to short positions, with $162 million lost as Bitcoin prices rose. Conversely, traders holding long positions anticipating further increases faced $128 million in liquidations.
Bitcoin traders suffered the largest liquidation losses, totaling $78 million, followed by Ethereum traders, who experienced $51 million in liquidations.
Additionally, the largest single liquidation took place on Okx, involving a $6.9 million ETH–USDT transaction, highlighting the market’s increased volatility.
The post Bitcoin sees brief rebound to $99,000 on Christmas day appeared first on CryptoSlate.
