Cryptocurrencies including Movement, Bitget Token and Zcash celebrated huge gains as Santa’s gifts were reflected in significant price increases on December 25th.
After trading at nearly $92,000 on December 23, Bitcoin (BTC) regained some footing. The gains above $98,000 also impacted some altcoins.
Aided by various factors and catalysts, some alts recorded gains of more than 30%.
Among the top coins, Movement (MOVE), Bitget Token (BGB), and Zcash (ZEC) rose by more than 31%, 18%, and 9%, respectively.
Altcoins lead the 100 largest cryptocurrencies by market capitalization. Gains across most altcoins kept the total market cap above $3.5 trillion despite a 2% decline in 24 hours.
Cryptocurrency daily trading volume was at $156 billion, BTC dominance was at 54.5%, and the Crypto Greed and Fear Index was at 62. This latter metric suggests that overall sentiment is rising despite a possible Return to greater risk-taking remains optimistic.
Bitcoin bull and MicroStrategy plan mastermind Michael Saylor shared his optimism.
Analysts from QCP Capital previously summarized the market outlook. In their opinion, there could be a recovery in altcoins in the next few weeks as capital rotates.
“BTC remains in the sub-100,000 range and history shows that we may see the typical end-of-quarter volatility sell-off following expiration. But if BTC breaks the 100,000 mark, volatility could continue and spark new momentum. Meanwhile, altcoins could be in the spotlight. With #BTC dominance at 58%, a fall below this level could confirm a rotation in alts – similar to what we saw last month when ETHBTC bounced off the 0.032 support.”
QCP
MOVE, ZEC and…
