#XmasCryptoMiracles

The Grinch steals 180 billion dollars from Bitcoin this Christmas

The start of a new phase of the cryptocurrency bull market in November 2024 promised a parabolic Christmas for Bitcoin (BTC). However, as recent trades show, something may have gone wrong during the dizzying rise.

Specifically, after soaring 56%, from 67,811 USD on November 5 to a historic high (ATH) above 108,000 USD on December 17, the price of BTC fell at the time of publication to 98,940 USD, wiping out approximately 180 billion dollars from its market capitalization.

In fact, at its recent peak, the total valuation of the world’s leading cryptocurrency surpassed 2.14 trillion dollars. In contrast, on December 24, Finbold data revealed that BTC had a market capitalization of 1.93 trillion dollars.

Can Bitcoin still enjoy the ‘Santa Claus’ rally in 2024?

Despite the magnitude of the collapse, it is worth noting that Bitcoin’s market capitalization remains approximately 600 billion dollars above where it was on Election Day. Additionally, the most recent trend at the time of publication shows signs of recovery, as BTC’s valuation is well above the 7-day lows, close to 1.83 trillion dollars.

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Additionally, it still seems possible for a ‘Santa Claus’ rally or a bullish start in 2025 to occur, despite the ‘Grinch’ of the cryptocurrency market seemingly stealing the anticipated parabolic year-end surge. Bitcoin's recent drop was dictated by external factors.