The cryptocurrency market has shown signs of recovery, with investor confidence seemingly on the rise, suggesting the onset of a Santa Claus rally. Major cryptocurrencies have reversed their downward trend, sparking hopes for a year-end rally as market volatility increases with investors and crypto whales returning from the Christmas break.
Bitcoin, the largest cryptocurrency, has seen a 2.6% increase in the last 24 hours, reaching $43,446, although its trading volume has decreased by 15.15% to $25.94 billion. Despite a nearly flat performance over the past week, data reveals a 17% surge in the previous week.
Ethereum, the leading altcoin, has experienced a robust 8.26% rise, trading at $2,407 at the time of writing, with its trading volume up by 54.88% to $16.76 billion. Binance’s BNB also climbed 13% to $327.30 in the last 24 hours, despite a 5% drop in daily trading volume to $1.98 billion.
Solana, one of the trendiest altcoins of 2023, has fallen by 5.51% to $104.36 in the last 24 hours, with a 28.69% decrease in trading volume to $4.33 billion. Cardano’s ADA, on the other hand, has jumped 12% to $0.6643, with its trading volume rising by 24.77% to $1.10 billion.
The memecoin category is also in the green, with Dogecoin’s price up by 4.28% to $0.09432, although its daily trading volume has decreased by 18.8% to $466.83 million. Shiba Inu has also seen a 5.03% increase to $0.00001093.
Pepe, a popular memecoin, continues to show upward momentum, trading at $0.000001467 after a 11.7% rise in the last 24 hours, with its trading volume increasing by 29% to $150.62 million. Bitcoin SV broke its silence with a 63.09% surge to $86.10, indicating growing market interest, as its trading volume skyrocketed by 828.68% to $590.21 million. Aave is among the rallying altcoins, with a 25.44% increase to $126.18 and a 72.74% rise in trading volume to $473.28 million, showing approximately a 33% gain over the last week.