yobit.net вход yobit.net вход
Is Bitcoin ready for the Santa Rally: Off to $4400. – Coinnounce

Is Bitcoin ready for the Santa Rally: Off to $4400.

The constant losses Bitcoin has been experiencing in the past month were sharply interrupted yesterday, December 17th.  After trading in the red for a larger portion of the last 34 days, Bitcoin’s value is seeing a small surge, and the coin’s price exceeded $3,500 yesterday and is currently trading at $3469 according to CoinGecko. Many are now wondering whether this is a start of a recovery, or simply Bitcoin’s last attempt to resist the bears.

Is the shift in the market real?

BTC is also not the only one, as nearly all coins within the top 100 are currently trading in the green, some of which are experiencing massive 22% gains, such as EOS. XRP, the second largest coin by market cap, is currently experiencing a 13% surge, while Ethereum’s growth remains at 7%.

The new surge, appropriately named the “Santa rally”, has impacted the entire market, and the total crypto market cap has just exceeded $112 billion. Even Bitcoin’s own market cap climbed back up to over $61 billion at the time of writing. The price bounce is expected to fuel investors’ hopes that the worst might be over, despite the fact that recent predictions said that BTC might drop to around $2,800 before the real surge arrives.

There are also those who believe that the current price surge is nothing more than an attempt at market manipulation, potentially coming from the Wall Street itself. While this is all speculation at this point, the reason for the rally remains unclear, which is why it is not surprising that many remain untrustworthy towards such a sudden change.



Right now, Bitcoin is around 83% below its all-time high, while the total crypto market cap lost around $700 billion in the last 12 months.

Following the start of the surge, Bitcoin trading volume also picked up and has risen by around $2 billion within the last 24 hours, currently being just above $6 billion. Considering the fact that investors and traders around the world took this opportunity to return to the market, many are hoping that the shift will be a long-term one.

If true, it will match the expectations of numerous experts who have been predicting a bull run in the final weeks of 2018. However, as mentioned earlier, the majority of analysts did not expect a real bull run before 2019, at best. To many in the crypto community, this is just further proof that the crypto nature remains extremely unpredictable, which is why nothing can ever be said with certainty.

Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

View Comments

Recent Posts

SEC says KIK Violated the Federal Securities Law

The U.S. Securities and Exchange Commission (SEC) is on the tail of Kik Interactive, a social media platform who sold…

1 day ago

Hong Kong Finally Suspends China Extradition Bill

Carrie Lam, Hong Kong's Chief Executive announced an indefinite suspension of a debate pertaining to a bill that will allow…

1 day ago

Following Binance, Bittrex closing Altcoins markets for US citizens

After Binance's announcement on June 14, 2019, that its U.S. customers will no longer be able to trade on Binance.com…

1 day ago

Litecoin Price Analysis, 15th June: Bulls Taking Charge

LTCUSD Dominant Trend: Bullish Resistance Levels: $150, $170, $190 Support Levels: $105, $85, $65   Litecoin Price Analysis Litecoin price…

2 days ago

Ethereum Price Analysis, 15th June: ETH Bulls Targeting $300

ETHUSD Dominant Trend: Bullish Resistance Levels: $280, $300, $320 Support Levels: $220, $200, $180 Ethereum Price Analysis Ethereum price has…

2 days ago

Bitcoin Price Analysis, 15th June: BTC to USD Still Bullish

Bitcoin is trading at $8,650, after an upward trend of 4.7% on Friday. Bitcoin and Ethereum are the only important…

2 days ago

This website uses cookies.