Is Bitcoin’s Christmas Rally Over?

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Is Bitcoin’s Christmas Rally Over

Over the past week, buyers held sway in the crypto market, propelling market capitalization forward. However, on December 25, Bitcoin’s price dropped to $3,800 levels again.

On December 17, things seemed to be going well. In fact, the total market cap grew by $34.5 billion, reaching $147 billion. However, since December 25, BTC’s price has once again dropped to $3,800 levels, with the whole crypto market losing about $19 billion (13 percent) of its value.

Total market cap chart, December 18-26. Source: CoinMarketCap

Bitcoin’s Christmas rally – over in a flash?

The world’s biggest cryptocurrency benefited from an initial $5 billion pump on December 17, reaching $4,271.79 on December 24. This constitutes a 15.5 percent ($575) increase from 3,696.06. However, over the past two days, BTC’s value dropped back to $3,800 levels.

Bitcoin (BTC) price chart, December 18-26. Source: CoinMarketCap

Bullish week for Ethereum (ETH)

Ethereum (ETH) came close to retaking second position from Ripple (XRP) following Bitcoin’s recovery. It broke through the $100 barrier, even reaching $157.67 on December 24. That means its price almost doubled since December 7, when it was $83.47. ETH is currently trading at $130.

Ethereum (ETH) price chart, December 18-26. Source: CoinMarketCap

Fast recovery lane for Ripple (XRP) and Bitcoin Cash (BCH)

XRP also recovered and reached a price of $0.44 per coin on December 24. However, it is now trading at $0.37.

Bitcoin Cash (BCH) had an astonishing recovery. Its value increased by a whopping 205 percent from December 15 to December 21, reaching $229. BCH’s price has corrected since then and is currently trading at $170.

BCH price chart, December 2018. Source: CoinMarketCap

 

Bitcoin’s mining difficulty continues to fall

Last week saw yet another drop in BTC’s mining difficulty. According to Blockchain data, mining difficulty dropped by another nine percent on December 19.

Bitcoin (BTC) mining difficulty. Source: Blockchain.com
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