Christmas is the most magical time of the year. A festive season of feasts and plenty of gifts, it’s the same for the crypto community. Bitcoin traditionally gets a Christmas price boost, and this year’s boost could save it from sinking into oblivion.
After months of slipping down, the price is currently holding at $7.2K and it seems that it will hold on to it during the holiday season. It’s good news for crypto owners who have been scratching their heads over the price free fall. No one predicted any price uproars until the halving, but once again, Christmas is here to save the day.
A Promising Price Boost
Bitcoin soared over the past 24 hours with prices going as high as $7,600 on a Luxembourg-based exchange (Bitstamp). Since then, things have normalized for a bit, with the leading cryptocurrency currently going for $7.2K. Although it’s still a far cry from what owners dream of, it’s a good move considering the last few months and weeks.
Just last week, Bitcoin fell well under $7K mark, going down as low as $6.5K before a price increase. Altcoins didn’t fare much better and that price decline might have spelled the end of some. Things aren’t going great for Bitcoin this year. It’s amidst a massive bull run with bears nowhere in sight. Many pin their hopes on the upcoming halving (around May 2020), but some experts aren’t sure about it. The halvening should normalize things at least, but experts are adamant that we shouldn’t expect the bull run from two years ago.
The cause for the Bitcoin Christmast price boost wasn’t clear, with many jokingly suggesting that Santa came early for crypto owners this year. Bitcoin’s surge was reflected in other digital tokens, mainly Ripple, Litecoin, Bitcoin Cash, and EOS. After the latest developments, the crypto market is once again over $200 billion which is certainly positive news.
What Does the Future Hold?
Bitcoin’s price hasn’t moved an inch in the right direction in the past few months, with only small soars to complement massive price declines. It’s not enough to keep investors interested in a time when the cryptocurrency is becoming more and more interesting for the market.
New legislation in Germany will see banks buying and selling Bitcoin from January 1, 2020, and other European countries have jumped on the Bitcoin train as well.
Fractal, the popular crypto trader, recently tweeted that Bitcoin is ready for a massive jump of nearly 20% by the end of the year. Although time’s obviously running out for such a thing, many crypto traders are adamant that another price boost is on the horizon.
New institutional investments and recent comments such as the ones made by Twitter CEO Jack Dorsey could be potential catalysts for another Bitcoin price boost that will see the leading cryptocurrency get back to where it belongs. 2020 is already shaping up to be a defining year for Bitcoin and we can’t wait to see what it holds.