Bitcoin Reclaims $50,000 as Traders Hope for "Santa Rally"

Bitcoin Reclaims $50,000 as Traders Hope for "Santa Rally"

Bitcoin, the bellwether cryptocurrency, touched an intraday high of $51,386 at 7:49 p.m. on the Bitstamp exchange. It is up over 5% on the day.

The crypto king has now reached its highest level since Dec. 7, recovering 22% from its local low of roughly $42,000. Virtually all of the top 100 largest cryptocurrencies are in the green, with SushiSwap (SUSHI) leading the market recovery 23.74% and the decentralized finance sector outperforming the rest of the market. Aave (AAVE), Compound (COMP) and Uniswap (UNI) have posted double-digit gains as well.

A Santa rally could be on the cards

Cryptocurrency traders hope that a so-called “Santa Claus rally,” a notable calendar effect, could push the Bitcoin price higher by the end of the year.

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