Due to more than $40 billion in inflows into Bitcoin’s market capitalization in a single day on Tuesday, December 21, the world’s flagship cryptocurrency has rebounded to trade over the crucial $48,000 level.
It’s worth noting that Bitcoin has recovered ground in the last 24 hours after dipping below $46,000 on Monday morning, its lowest level since September.
Interestingly, Bitcoin’s market capitalization increased by $45.55 billion in the previous 24 hours, climbing from $875.67 billion to $921.22 billion. Furthermore, the digital asset is presently trading at $48,633, representing a 5.07% gain on the day and a 2.38% increase over the previous week.
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Despite the current bearish attitude in the market, Bitcoin is attempting to recapture the all-important $50,000 level.
Analysts forecast Bitcoin price
Leading crypto analyst Michael van de Poppe has declared based on the current price action on December 21:
“Good chances we’re done with the correction. The longer we stay here, the faster the sentiment flips.”
Poppe is confident that Bitcoin is still in a long-term bull cycle, which will see it more than double in price before the next significant market correction.
Elsewhere, prominent crypto trading analyst PlanB is sticking to his iconic Stock-to-Flow (S2F) model, which predicts that the cryptocurrency will approach six figures in the coming months.
The pseudonymous Dutch analyst has amassed more than 1 million Twitter followers this year based on his price forecasts, which have proven accurate — at least until the end of November.
PlanB asserts that the current price of Bitcoin remains inside the lower ranges of his S2F price model.
He tweeted:
“Bitcoin needs a small miracle for a 100K Christmas. Will I ditch the S2F model if this does not happen? Nah, I actually like being at the lower bands. In fact, I published the model at the lower bands in March 2019 with btc below 4K.”
Altcoins back in the green
Meanwhile, Ethereum is back trading above the $4,000 mark, trading at $4,012 up in the last 24 hours 6.01%, and 5.40% in the previous week.
Also, Terra’s native cryptocurrency, LUNA, has also seen significant gains in recent weeks, with the currency gaining by 43% over the previous week and about 10% on the day, according to CoinMarketCap. It is the ninth most valuable company in the world, with a market capitalization of $30.34 billion.
Similarly, as a result of the astounding 47% surge over the previous seven days – as well as a 14% gain in the 24 hours leading up to Tuesday morning – AVAX’s market capitalization has risen to $28.8 billion.
The global crypto market
The global crypto market capitalization is presently $2.25 trillion, a 5.23% increase over the last day.
Over the previous 24 hours, the overall crypto market volume has increased by 15.96% to $97.83 billion. The entire volume in DeFi is currently $14.30 billion, or 14.62% of the total 24-hour volume. In contrast, the combined volume of all stable currencies is currently $77.74 billion, accounting for 79.47% of the overall 24-hour volume of the cryptocurrency market.
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