KEY POINTS
- Bitcoin increased 4.5% overnight and is now trading at around $98,000
- Some major altcoins are also climbing, including Solana and $XRP
- A few memecoins saw significant gains overnight, including $PENGU
Christmas Eve has been a wonderful time for cryptocurrencies as Bitcoin and major altcoins logged gains overnight, signaling the potential start of the crypto market’s recovery.
CoinGecko data showed that BTC gained 4.5% in the last 24 hours, and Ethereum (ETH) increased by 2.5%. XRP also added nearly 3%, and Solana (SOL) climbed with a 4.1% gain.
Many other crypto coins were in the green in the past day, but Bitcoin’s return to $98,000 is a significant signal for the crypto market, especially with the digital currency’s plunge to as low as $92,000 over the weekend.
CoinGecko
Will Bitcoin Return to $100K Before Year-End 2024?
Bitcoin’s plunge just days after it recorded a new all-time high above $108,000 hurt new holders hard, resulting in massive liquidations across the board. On the other hand, long-time BTC holders are familiar with the digital coin’s volatile nature and are either buying the dip or “hodling” on.
For crypto bettors on market prediction platform Polymarket, the world’s largest cryptocurrency by market cap has more than a 70% chance to once again reach $100,000 before the year ends.
Some users even commented on the Polymarket event contract that BTC has a chance of hitting $100,000 on Christmas Day 2024, given its overnight pump.
Prominent crypto YouTuber Crypto Rover expects gains to take place “right after Christmas,” and it appears his prediction may be correct as BTC now challenges $99,000.
How About Altcoins?
After BTC first hit $100,000 following the 2024 U.S. elections, there was much talk about altcoin season and how huge of an impact the surge of altcoins will be to the broader crypto space.
However, many major altcoins plummeted alongside Bitcoin, leaving little space for altcoin season to last longer. Things may be changing and #altseason may just have been pushed a little later.
Some altcoins outperformed Bitcoin on Christmas Eve, including Avalanche (AVAX), which gained 6%, Toncoin (TON), increasing 5.3%, and Hedera (HBAR), which surged by nearly 10% in the last 24 hours.
Well-followed crypto trader Mister Crypto said based on the movement of digital assets, “altcoin history is exactly repeating,” referring to how the crypto market had an uptrend movement months after the halving – the once-in-four-years event wherein BTC mining rewards are split in half.
Memecoins Also Regaining Momentum
The Christmas season’s festive and optimistic atmosphere appears to have affected even meme tokens as some major memecoins saw gains overnight, including BONK (7.3%).
Among the biggest gainers in the last 24 hours were FARTCOIN (67% spike), Pudgy Penguins (PENGU), which surged nearly 30%, and AI16Z (36% increase).
Crypto remains volatile and can immediately shift gears depending on various broader financial market and geopolitical factors. It remains to be seen whether Bitcoin can hold the green line and rally other crypto tokens to enter the New Year with a bang.
