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Bitcoin Celebrates Christmas with a Rally Above $25,000

December 26, 2020 at 11:39 by Mark Stevenson

The price of Bitcoin (BTC) continued its recent bullish rally, as it briefly broke the $25,000 mark. On Saturday, December 26, the leading cryptocurrency soared from around $24,600 to $25,020 on Bitstamp at 08:35 GMT.

On BitMEX, the price rose above $25,070, on Binance it exceeded $25,020.

Notably, on Bitfinex and Coindesk, Bitcoin did not reach the psychologically important level. However, as the chart below shows, Bitcoin has corrected towards the $24,750 area at 11:00 GMT.

The dominance index of the flagship cryptocurrency rose to 69.2%. The total capitalization of the digital asset market has reached $666 billion.

As a reminder, Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, said in early June that Bitcoin could rise to $28,000 this year. The basis for his forecast was technical and fundamental factors.

Read also: Bitcoin Price May Reach $40,000 in 2021: Bloomberg Analyst Says

Most altcoins are also in the green zone. For example, Ethereum price rose from $6,25 to $636 on Bitstamp at 02:56 GMT, but the upward trend is now losing momentum.

An exception was the cryptocurrency startup Ripple’s XRP coin, which showed a daily decline of 5%. After the US regulator, the Securities Exchange Commission (SEC) filed a lawsuit against Ripple Inc, crypto exchanges began delisting XRP token.

On Friday, December 25, Bitstamp became the first major crypto exchange to announce the end of support for XRP deposits and trading.

Note that in the low-liquid holiday market, assets are subject to sharp price fluctuations. Even minor changes in positioning can result in a significant change in course.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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