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.
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.
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.
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.
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.