Bitcoin surpassed $99,000 on Christmas Day, fueled by renewed optimism that energized the market.
According CryptoSlate According to data, the leading digital asset gained more than 5% in the last 24 hours, recovering from a weekly low of $92,973. At the time of writing, Bitcoin was trading at $98,000, showing that the rally did not last long after days of declining prices.
Altcoins joined the rally, with Ethereum, XRP, and Solana each posting gains of over 4%.
Notably, this momentum has raised the global crypto market capitalization by 3.5% to $3.44 trillion. At the same time, the Crypto Fear and Greed index rose to 73, showing a “greed” sentiment.
This upward trend aligns with the forecasts of Santiment, a blockchain analysis company. The platform highlighted that market rebounds often follow panic-driven retail sell-offs, allowing larger investors, or “whales,” to accumulate assets at discounted prices.
He declared:
“Historically, when retail traders start selling based on panic and excitement, whales and sharks have opportunities to scoop up more coins with little resistance, generating bounces.”
$300 million in settlements
The recent rebound has not been without turbulence. Data from CoinGlass revealed that more than $290 million was liquidated in the last 24 hours, affecting 105,883 traders.
Short positions accounted for the majority of these losses, with $162 million wiped out as Bitcoin prices rose. On the other hand, long traders betting on further bullish momentum faced liquidations worth $128 million.
Bitcoin traders experienced the largest liquidation losses, with $78 million wiped out, followed by Ethereum traders, who suffered $51 million in liquidations.
Meanwhile, the largest liquidation occurred on Okx, involving a $6.9 million ETH-USDT transaction, underscoring the increased market volatility.
