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Bitcoin formed a new All-time high of $24,585.24 on Christmas Eve.
The market recovers with the major coins surging with notable gains
With the surge in the whole crypto market, Altcoin Season 2021 is expected to boom
Christmas eve has presented the crypto space with an utmost surprise by forming a new all-time high above $24K. Bitcoin crossed $24K for the first time ever since its inception to touch $24,585.24. Moreover, the price is expected to touch $25,000 anytime from now.
At the time of writing, the Bitcoin price is $24,512.88 with a jump of 5.74 percent in the last 24 hours. As the price has broken all the resistance levels, the upper limit of the asset is within speculation. However, the strong support lies around $22,885 which is still very far from the current price.
The market sentiments and the technical indicators, all point out towards a bullish run for the digital asset which can pull the price close to $25,000 in any time from now.
Altcoin Season 2021 Incoming
It is a trend that the bullish bitcoin escorts the altcoins with itself to the next levels. And when the Bitcoin rally is such huge, then the following Altcoin season also would be similar. Many altcoins have already rebounded from the plunge and recovered from the losses.
For example, XRP, the price had smashed to the rock bottom levels in recent times but surged nearly 38% in the last 24 hours after dipping nearly 36% in the last week. Also, another notable gain was of no.5 crypto Litecoin which rallied 15.53% to touch $120.74.
The Defi space has also surged to the highs were the most dominant defi token Chainlink with almost 12.53% to touch $11.75 in the last 24 hours. On the other hand, YearnFinance (YFI) also had touched the lowest levels at $18,427 but bounced back above $25,000 within hours and now trading at $24,284 at the press time.
Collectively, altcoins and DeFi tokens are rallying magnificently following the Bitcoin rallying towards its all-time high. The coming Altcoin Season is expected to be out power the traditional cryptos also. Also, the Bitcoin price is also expected to touch $25,000 any time from now and $30,000 very soon.