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How Bitcoin Reached $98,000 in the Christmas Rally

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by A1

12 hours ago

On December 25, 2024, the crypto market experienced a Christmas rally, with Bitcoin rising to $98,000, increasing total market capitalization by over $100 billion.

Bitcoin's Christmas Peak

Bitcoin started climbing the day before December 25, rising from $94,000 to $99,000 before stabilizing at $98,000. This 4% increase raised its market capitalization to $1,940 billion.

Impact on the Entire Market

This surge followed a turbulent period caused by a Federal Reserve interest rate cut. Bitcoin's dominance increased to 54%, reflecting renewed confidence among institutional investors.

Altcoin Growth

Bitcoin's rise boosted the entire market. Ethereum climbed 2% to $3,500, Avalanche rose 5% above $40. Solana and Dogecoin gained 2-4%, while tokens like MOVE and BGB surged 26% and 16%, respectively.

The Christmas rally of 2024 highlighted the potential of the crypto market, maintaining a positive outlook for a successful 2025.

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