In this Christmas time, where everybody is going after presents chasing a holiday spirit, the crypto market has experienced unexpected growth within the last 24 hours, pouring more than $120 billion on the 24th of December.
Crypto market cap has increased by $121 billion, while the whole rise of capitalization got from $2.26 trillion to $2.38 trillion. On the other hand, the Bitcoin price reached $51,000 in the last 24 hours as well.
Bitcoin (BTC) has been trading in various price ranges. This price ranges include trading between $45,000 – $50,000, decreasing from the highest price of $69,000 trade it had back in November.
According to the data of CoinMarketCap, while analyzing the percent of the current tradings of Bitcoin, it shows an increased percent of 6.12% on the day, while up to 8.89% over the last week.
Analysis By Crypto Experts
Some crypto experts aim that Bitcoin is still part of the large growing crypto market which can reach much higher digits than it currently has. One of the crypto experts, PlanB, predicts that Bitcoin might reach six digits in the next months. Despite this, the market is expected to be subjected to a lengthy period of price adjustment, possibly lasting several months.
Furthermore, a report of December 13, 2021, shows the level of Bitcoin supply on exchanges. The insights of this report tell us that Bitcoin supply has reached a 31-month low, with whales ‘HODL‘ 11.96 per cent of the asset’s total supply. The importance of this information on Bitcoin supply lies in the effect it has on Bitcoin network activity. This has a great impact on the future prediction of the asset’s direction in a long term.
Additionally, the transaction value that has been declining to a three-month low shows various Bitcoin transfers. It suggests that as investors become more positive on the long-term value of the top-ranked cryptocurrency, more Bitcoin has been shifted off crypto exchanges and maybe into cold storage cryptocurrency wallets.
What is more about the recent price rise of this digital asset is what crypto investors believe. They aim that volatility is gradually diminishing, which has resulted in less selling pressure in the crypto market. That is why the price of this asset is getting higher.
Alternative Coins In The Crypto Market
When analyzing the price movements and predictions of Bitcoin, there are also other cryptocurrencies facing different price volatility in the last day. On the previous day the other large cryptocurrency after Bitcoin, Ethereum has also faced an increase in value, expanding with a 4.5% to more than $4,100.
Besides this, the other cryptocurrency that has risen by a 23% to trade at the price value of $6.29 during the day is the Sandbox (Sand) token, belonging to the Metaverse currencies. As well as Sandbox, there was Terra (LUNA) token which has reached over 16% trading over $100 during the last 24 hours.