Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bitcoin, the bellwether cryptocurrency, touched an intraday high of $51,386 at 7:49 p.m. on the Bitstamp exchange. It is up over 5% on the day.
The crypto king has now reached its highest level since Dec. 7, recovering 22% from its local low of roughly $42,000.
Virtually all of the top 100 largest cryptocurrencies are in the green, with SushiSwap (SUSHI) leading the market recovery 23.74% and the decentralized finance sector outperforming the rest of the market. Aave (AAVE), Compound (COMP) and Uniswap (UNI) have posted double-digit gains as well.
A Santa rally could be on the cards
Cryptocurrency traders hope that a so-called “Santa Claus rally,” a notable calendar effect, could push the Bitcoin price higher by the end of the year.
Alex DovbnyaHistorically, Bitcoin underperforms the U.S. stock market during the aforementioned 9-day period, which is why the probability of a Santa rally is much smaller for stocks than for Bitcoin. However, if the flagship cryptocurrency continues its strong recovery, this year could be an outlier.
As reported by U.Today, Mike Novogratz said that he wouldn’t expect Bitcoin to surge higher in the first quarter of 2022 due to bearish sentiment in the stock market.
Bitcoin would need to gain another 11% over the remaining seven days in order to finish December in the green.
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin