Bitcoin (BTC), the leading digital currency in terms of market value, has once again neared the $100,000 mark on Christmas Eve. Market data shows that Bitcoin’s price has surged nearly 6% in the past 24 hours and is currently trading around $98,230. Some analysts have humorously described this notable performance as the ‘Christmas miracle.’ With this sudden spike, it seems that Bitcoin market bears are not in a celebratory mood. According to CoinGlass data, around $61 million of Bitcoin short positions have been liquidated in recent hours. The recent growth in Bitcoin price is good news for market bulls who have been trying to recover their positions following the Federal Reserve’s strict policies. Last week, high-risk assets, including cryptocurrencies, took a hit after it was revealed that the Federal Reserve is likely to reduce interest rates by a lesser margin in 2025. However, even after this recent price surge, Bitcoin’s price is still about 9% lower than its historical peak of $108,268 on December 17. Last year, Bitcoin was trading around $43,000 on Christmas Eve. In 2022, the price of this digital currency was around $16,000 following a major crash triggered by the collapse of the FTX exchange. From the beginning of 2024 to date, Bitcoin has grown by nearly 140%, and some major investors, including Anthony Scaramucci, believe that the price of this digital currency could double by 2025. You can monitor the prices of all tokens and cryptocurrencies live on the Instant Digital Currency Prices page.
