Bitcoin Price Back Above $50,000 Heading Into Christmas Holiday

Bitcoin had been slumping for over a week and a half. Now it seems to be racing upwards again—just like it did last Christmas.

By Mathew Di Salvo

Bitcoin’s price today broke above $50,000 after struggling for weeks. At the time of writing, the biggest cryptocurrency by market cap was trading for $50,978.58, according to CoinGecko data, up 3.4% in the past 24 hours. 

It’s still 26.6% shy of its all-time high hit on November 10 of $69,044.77—but the last time it was above $50,000 was 11 days ago. 

Analysts previously told Decrypt that the December slump was likely due to "year-end profit taking" and "people selling to buy presents" and that Bitcoin would likely make a come-back in the new year. Could it be that people are now using leftover cash from Christmas shopping to pump back into crypto?

Ethereum, the second-largest cryptocurrency by market cap, posted gains of 2.5% in the past 24 hours: the asset right now is trading for $4,124.90 after having dipped well below its all-time of $4,878.26 over the past month. 

And in the world of altcoins, the major players were also bouncing back. Ethereum competitor Solana is up 5.6% in the past day, and is now valued at $191.10. Solana, the network behind the crypto market's fifth biggest digital asset, has done remarkably well this year. Its coin, SOL, used to pay for transactions in the DeFi ("decentralized finance") ecosystem and for NFT trading activity, is one of the best performing cryptos of 2021. 

Cardano, the eighth-largest cryptocurrency by market cap, was doing even better today: up 7.4% in 24 hours and trading for $1.45. 

Those worried about the possibility of a chilly crypto winter in 2022 may be feeling more optimistic, but they should perhaps hold their horses before celebrating: We still have over one week left of 2021 and anything can happen.