Bitcoin Jumps Above $51,000 as Traders Anticipate Santa Rally
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Flagship cryptocurrency Bitcoin broke above $51,000 for the first time in weeks during the early hours of Friday
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Other coins also followed the lead of BTC, with Dogecoin, Ether, and Cardano adding to their value in the past 24 hours
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According to CoinMarketCap, the cryptocurrency market is up 5.2% in the last day to a value of $2.38 trillion
The cryptocurrency market has awakened from stagnation with major coins such as Bitcoin and Ether adding to their value.
The world’s largest crypto by market capitalization rallied above $51,000 for the first time in almost 2 weeks.
Ether also pushed above the $4,100 mark as the cryptocurrency of the Etheruem blockchain aims for the psychological barrier of $4,200.
Doge had a slight rise to $0.18, Solana added more than 6% while Cardano rallied by more than 7% to $1.45.
Read also: Nigeria’s Interest in Crypto Jumps Back, Despite CBN Ban
The reason for the sudden resurgence in the market is not known, however, it should be noted that the Christmas holiday period is associated with a bullish shift known as the Santa Rally.
Therefore it is not unusual for the cryptocurrency market to see an upside during this period.
Following the recent rally, the market capitalization of the cryptocurrency market is up by 5.2% to $2.38 trillion, according to CoinMarketCap.
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