The weekend saw robust crypto market price action as Bitcoin’s trading level inched closer to $44,000, sending sentiments high for a Christmas rally.
Bitcoin’s trading momentum raced ahead over the weekend as its price came nearer to the $44,000 mark. The move has led to an overall surge in the crypto market cap. Calls for higher price jumps during Christmas and the New Year have grown higher. As the market price action in crypto improves, traders and investors could look ahead to the last week of 2023 with bullish trends.
Kaiko Research, a leading crypto analytics firm, joined other experts and analysts in predicting high returns for the market. It stated how Bitcoin was one of the best-performing assets in 2023. It oscillated between $25,000 and $30,000 between March and October. The later part of the year saw it surge above $40,000.
“So, despite a somewhat boring middle of the year, BTC has one of the best Sharpe Ratios of any major assets this year, second only to semiconductor giant Nvidia, whose stock more than doubled from January to May on AI excitement,” said the firm.
The crypto market has also shrugged aside concerns for inflation and rate hikes by the year’s end. Meanwhile, its rally continues with renewed optimism. The hike pause by central banks worldwide could have also aided it.
BTC/USD 1D price chart
Bitcoin is currently trading at around $43,800 on December 24, 2023, with BTC/USD trading higher by a margin of 0.2% in the last 24 hours. Bitcoin’s market cap was trading at around $857 billion.
BTC/USD is trading higher than its 20-day EMA (41,676.49), as BTC’s 24-hour volume was at around $13 billion. The crypto market cap increased by around 1.6%, trading above $1.68 trillion. BTC’s year-to-date returns are above 164.10%
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