Bitcoin It crossed $99,000 on Christmas Day, driven by renewed optimism that energized the market.
according to CryptoSlate's data, the leading digital asset rose more than 5 percent in the past 24 hours, recovering from a weekly low of $92,973. At the time of writing, Bitcoin was trading at $98,000, indicating that this rally was not long overdue. Price reduction days.
Altcoins joined the recovery, with Ethereum, XRPand Solana each post more than 4% profit.
It is worth noting that this momentum has increased the value of the global digital currency market by 3.5% to $3.44 trillion. At the same time, the cryptocurrency's fear and greed index rose to 73, indicating a “greedy” sentiment.
This bullish trend is in line with the predictions of Santiment, a blockchain analytics firm. The platform stressed that market pullbacks often follow panic-driven retail sales, allowing larger investors or “whales” to pick up assets at discounted prices.
stated:
“Historically, when retail traders start selling on panic and sentiment, the whales and sharks have opportunities to pick up more coins with little resistance and trigger a bounce.”
$300 million in cash
The recent march has not been without its share of turmoil. data CoinGlass revealed that over $290 million was cashed out in the last 24 hours, affecting 105,883 traders.
Selling positions have accounted for most of these losses, and with the increase in the price of Bitcoin, 162 million dollars have been lost. On the other hand, traders who bet on more bullish momentum in long positions ended up with $128 million in liquidity.
Bitcoin traders experienced the heaviest liquidation losses with $78 million lost, followed by Ethereum traders with $51 million in cash.
Meanwhile, the largest liquidation of the unit has occurred Okincludes a $6.9 million ETH-USDT transaction, underscoring increased market volatility.
