Leading crypto asset Bitcoin made investors happy by climbing up to $ 51,386 on the Bitstamp exchange.
Bitcoin reached its highest level since December 7, 2021, and managed to show a 22% increase in this period when it fell to $ 42,000.
SushiSwap, (SUSHI) led the recovery of the industry with a rise of 23.74%. Aave (AAVE), Compound (COMP) and Uniswap (UNI) also managed to show double-digit gains.
Santa Rally Coming?
Crypto traders are hoping that a potential “Santa Rally” could push Bitcoin value higher by the end of the year.
The term Santa Rally was coined by US stock traders in the 1972 Stock Trader’s Almanac. Over the past 92 years, the S&P 500 has posted a 77% increase in a 9-day trading period that included the last trading session of the year and two trading sessions in the first month of the year.
In retrospect, Bitcoin has been underperforming the US stock market in the aforementioned 9-day period. Therefore, the probability of Santa Rally is higher for stocks. However, if Bitcoin continues the recovery, it could reverse this situation.
Mike Novogratz said that he does not expect Bitcoin to rise further in the first quarter of 2022. According to him, there is a feeling of decline in the markets.
If Bitcoin wants to end December in the green, it will need to increase 11% over the next 7 days.
The leading cryptocurrency is trading at $50,779 at the time of writing.