Bitcoin's 'Santa Rally'... Approaching $99,000

MicroStrategy, Buying Bitcoin for 7 Weeks

Ethereum 5.1%·Ripple 8.2%·Dogecoin 7.8%↑

A citizen walks past a Bitcoin poster displayed on the streets of Hong Kong./Photo=YonhapAFP

A citizen walks past a Bitcoin poster displayed on the streets of Hong Kong./Photo=YonhapAFP

A 'Santa Rally' has appeared in the cryptocurrency market.

According to the U.S. virtual currency information platform CoinGecko, as of 1 PM on the 24th (local time), one Bitcoin was traded at $98,906.24, up 6% from 24 hours ago.

Previously, on the 17th, Bitcoin hit an all-time high of $108,300, but plummeted on the 18th due to the U.S. Federal Reserve's plan to adjust the pace of interest rate cuts, dropping to the low $92,000 range on the 20th. It then rebounded to the $99,000 range on the 22nd, only to retreat again to the $92,000 range on the 23rd.

At the same time, Ethereum also rose 5.1% to $3,508.61, and Ripple (XRP) increased by 8.2% to $2.34. Solana (6.6%) and Dogecoin (7.8%) are also on the rise.

The U.S. cryptocurrency media outlet Cointelegraph analyzed that new buying pressure has entered the Bitcoin market.

The media cited data from the cryptocurrency market research firm CoinGlass, reporting that the short liquidation volume of Bitcoin in the past 24 hours was nearly $40 million (about 5.84 billion KRW).

According to Bloomberg, the U.S. software company MicroStrategy, known as a 'whale' in the Bitcoin market, announced that it had additionally purchased Bitcoin worth $561 million (about 818.8 billion KRW) at a price close to last week's high. This marks the seventh consecutive week that MicroStrategy has bought Bitcoin.

On this day, MicroStrategy closed at $358.18 on the New York Stock Exchange, up 7.81% from the previous day.

Reporter Gojungsam, Hankyung.com jsk@hankyung.com