Bitcoin (BTC) Rises By 1.67% On Christmas Morning After Ending The Weekend At $4,140.7

bitcoin price


Over the weekend, Bitcoin (BTC) went up by 23.4%. At the end of yesterday’s trading, the price of BTC was $4,140.7. Today, BTC marked the beginning of a new week with a 1.67% rise in price. This is the second time it is starting the week positively since October 15th. The green lights on CoinMarketCapital serve as encouragement to traders because things have been hard for BTC and the entire market for the last 12 months.


Bitcoin Recovers Along With The Entire

Market Before Monday, BTC dominance was about 52%. However, as the entire market entered a rally and the prices began to rise against the USD, BTC dominance dropped to 52%. There was a lot of positive sentiment across the broader market. One of the things supporting the market is that there hasn’t been any negative news for a while now. If things continue like this, the bulls will enjoy a free run to mark the end of year.


In February, the SEC will most likely make a decision regarding the approval of BTC ETF. If it approves BTC ETF, the price of BTC will get a major boost and other cryptocurrencies will follow. As expected, BTC is going to end the year as the number one cryptocurrency per market capitalization. It is followed by XRP and ETH, both of which are currently in a battle for the second spot. From the look of things, it will be difficult to know if XRP will remain in second place or if it will lose its position to ETH.


Bitcoin (BTC) Price Today – BTC / USD
#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,076.48
-2.70%


By summer next year, there will be a major shift in the cryptocurrency regulatory landscape. This will adjust the sentiment of investors across the broader market. At this point, product differentiation will become a factor. If there is a decline in the ETF applications of BTC, investors will most likely look elsewhere. Cryptocurrencies like XRP will benefit the most if investors lose interest in BTC because it has many real world use cases.

This Is The Best Time To Buy Cryptocurrency


This is a good time to buy cryptocurrencies. Buying at this point will be advantageous because the prices are low but the fundamentals are strong. Earlier today, BTC fell below the $4000 mark against the USD. To support a rebound before the end of the day, BTC will need to move above $4000. The first major support is at $4011.8. If BTC is to move across $4200, it would need to move passed the support at $4011 first. The major resistance will be at $4,326 but it is unlikely that BTC will move this high today.

The sell-off this morning has taken the price of BTC to $3,828.21 at the time of writing. This shows that it is down by 8.59% against the USD. The 24 hour trading volume is $6,531,023,357 and the market capitalization is $66,774,495,039. If it is able to move above $4000, everyone will be reminded of the effect of news wires on the price of cryptocurrencies. The next few hours of trading will determine if the price action will change or not.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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