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The crypto market has regained momentum, indicating an increase in investor confidence. Some market observers see this positive momentum as the beginning of the Santa Claus rally. Here is the latest on Bitcoin (BTC) and altcoins.
Current State of Cryptocurrencies
After investors and crypto whales seemed to take a break for the Christmas holiday, market volatility increased. Especially, the recent rise following a period of decline for almost all major cryptocurrencies has increased hopes for a year-end rally.
The largest cryptocurrency, Bitcoin, saw a 2.6% increase in the last 24 hours, reaching up to $43,446, while its trading volume decreased by 15.15% to $25.94 billion. Despite almost flat performance over the past week, data reveals that the market leader experienced a 17% increase last week.
In the same period, the altcoin king Ethereum (ETH) experienced a strong 8.26% increase, trading at $2,407 at the time of writing. Its trading volume also surged by 54.88%, reaching $16.76 billion. Meanwhile, Binance‘s BNB price also rose by 13% in the last 24 hours to $327.30, while its daily trading volume decreased by 5% to $1.98 billion.
One of the trendiest altcoins of 2023, Solana (SOL), has decreased by 5.51% in the last 24 hours to $104.36. Its trading volume also fell by 28.69% to $4.33 billion. Cardano’s ADA price increased by 12% to $0.6643 during the writing of this article, and its trading volume rose by 24.77% to $1.10 billion.
The memecoin category is also in the positive territory with recorded increases, and the largest memecoin, Dogecoin (DOGE), saw a 4.28% increase in the last 24 hours to $0.09432, while its daily trading volume decreased by 18.8% to $466.83 million. Additionally, Shiba Inu’s (SHIB) price increased by 5.03% to $0.00001093 at the time of writing.
Three Altcoins Starting the Day with a Rally
The popular memecoin Pepe (PEPE) continues to show upward momentum, as indicated by some bull runs. At the time of writing, PEPE was trading at $0.000001467, up 11.7% in the last 24 hours, with its trading volume increasing by 29% to $150.62 million. Data shows that the altcoin has risen over 16% in the last seven days.
With the new day, the silence around Bitcoin SV (BSV) was broken. The altcoin’s price surged by 63.09% to $86.10, signaling increased interest from market participants. BSV’s trading volume skyrocketed by 828.68% in the last 24 hours to $590.21 million.
Aave (AAVE) is also among the altcoins rallying amidst the overall positive market sentiment. At the time of writing, AAVE’s price had increased by 25.44% in the last 24 hours to $126.18, and its trading volume rose by 72.74% to $473.28 million. Data reveals that the altcoin has risen by approximately 33% over the last 7 days.
