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Over $120 billion pours into crypto market in a day as Bitcoin reclaims $51k

Over $120 billion pours into crypto market in a day as Bitcoin reclaims $51k

With Christmas just around the corner, the cryptocurrency market has experienced an inflow of over $120 billion in just 24 hours on Friday, December 24.

Over the course of 24 hours, the crypto market capitalization rose from $2.26 trillion to a current $2.38 trillion, representing a gain of more than $121 billion.

The crypto market cap 1-day chart. Source: CoinMarketCap

The price of Bitcoin (BTC) soared beyond $51,000 on Friday, December 24, as the digital asset marked the first time in nearly three weeks that it has surpassed the mark.

Since the beginning of December, the cryptocurrency has been trading between a $45,000-$50,000 price range after plummeting from an all-time high of over $69,000 back in November. Currently, the flagship digital asset finds itself trading at $51,156, up 6.12% on the day and 8.89% over the last week, according to CoinMarketCap data.

Bitcoin 1-day price chart. Source: CoinMarketCap

Crypto analysts verdict

The gains at the end of this week confirmed the forecasts of some experts, who believe that Bitcoin is still in the midst of a long-term bull market cycle. 

According to the crypto analyst, PlanB, Bitcoin is on pace to reach six figures over the next few months before the market faces a protracted period of price adjustment, which is expected to last several months.

Interestingly, we recently reported that Bitcoin supply on exchanges hits a 31-month low as whales appear to ‘HODL‘ at 11.96% of the asset’s total supply as of December 13, 2021. Bitcoin supply on exchanges is an important indication of the total Bitcoin network activity since it might predict the asset’s direction in the short to medium term.

Furthermore, in combination with recent on-chain transaction value plummeting to a three-month low, it indicates that more Bitcoin has been transferred off crypto exchanges and maybe into cold storage cryptocurrency wallets as investors grow more bullish over the long-term worth of the number one ranked cryptocurrency. 

The fact that investors believe that the bearishness is progressively fading away means that there is less selling pressure on the crypto market which has led to the asset’s recent price rise.

Altcoins in the market

Consequently, Bitcoin’s price movement was matched by the rest of the cryptocurrency market, with numerous other top coins all moving by less than one percent during the last 24 hours.

Meanwhile, Ethereum, the second-largest cryptocurrency by market cap, has also seen a significant increase in value in the previous day, rising by more than 4.5% to over $4,100. 

Elsewhere, other major cryptocurrencies, such as the Metaverse token The Sandbox (SAND) was one of the biggest gainers climbing 23% to trade at $6.29 in a day, as was Terra (LUNA), which up in the last 24 hours just over 16% briefly trading over $100.

In addition, meme tokens such as Dogecoin and its competitor Shiba Inu have seen increases of 2 to 7% in the previous 24 hours. 

Global crypto market

Finally, the total value of the cryptocurrency market is $2.39 trillion, representing a 5.66% gain over the previous day. 

Furthermore, the entire crypto market volume during the previous 24 hours has reached $101.48 billion, representing a rise of 11.47%. At the moment, the volume of DeFi is $17.42 billion, or 17.17% of the overall crypto market’s 24-hour volume, while the volume of all stable currencies is $78.52 billion, or 77.37 percent of the whole crypto market 24-hour volume.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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