Why is bitcoin (btc) up on December 24, 2024?
Why is Bitcoin up on Christmas Day? On December 24, 2024, Bitcoin’s price got close to $100K, fueled by the good old market movements and holiday dynamics. Also what helped the spike was the fact that long-dormant Bitcoin wallets containing millions of dollars have suddenly come back to life. Let’s dive into the reasons behind Bitcoin’s holiday surge and why it’s making headlines.
TL;DR
Dormant Bitcoin Wallets Revive — Old wallets worth millions are now active.
Holiday Market Movements — Thin trading volumes can amplify price changes.
Historical Significance — Bitcoin’s early adopters resurface, connecting its past to the present.
1. Dormant Bitcoin Wallets Come Alive
This Christmas, several old Bitcoin wallets have been reactivated for the first time in over a decade. One example is a wallet holding 20.55 BTC, untouched since February 24, 2011. Back then, Bitcoin was worth just $0.90 per coin, valuing the stash at a mere $18.49. Today, that same stash is worth over $2 million.
Another major awakening involved 210 BTC from July 15, 2014. Originally acquired at $619 per Bitcoin, the stash’s value was about $129,990. Now, it’s worth a staggering $20.6 million.
Quick Tip: Think of these wallets like buried treasure. Dead bitcoin accounts coming back to life is always considered positive by bitcoiners since more bitcoins in the market means more transactions and more value to the ecossystem.
2. Why Is Bitcoin Up on Christmas Day?
Bitcoin’s price surge during the holiday season is not just a coincidence. Here’s why:
Holiday Market Dynamics: Trading volumes are typically lower on holidays, which can magnify price movements. Even small increases in buying activity can create significant price shifts.
Regulatory Optimism: Positive sentiment around U.S. pro-crypto policies, including new leadership at the Securities and Exchange Commission (SEC), has fueled investor confidence.
Institutional Inflows: Bitcoin ETFs from firms like Blackrock and Fidelity continue to attract billions in investments, providing strong market support.
A "Christmas Miracle": Some have jokingly called Bitcoin’s resilience and near-$100K valuation a holiday gift for investors.
Pro Tip: Keep an eye on holiday price movements. Lower activity can often lead to unexpected market surprises.
3. What Can We Learn From Bitcoin’s History?
Looking back, Bitcoin’s journey from niche technology to mainstream asset is nothing short of remarkable:
2010: Bitcoin was worth $0.06.
2017: Bitcoin hit $14,000, gaining global attention.
2022: After the FTX crash, Bitcoin dropped to $16,000 before rebounding.
2024: Bitcoin has surged nearly 140%, peaking at $108,135 earlier this month.
We are used to end-of-year wrap-ups and bitcoin has its own way to end the year. The entire market analyzes bitcoin growth, checks the financial patterns and tries to predict the future.
Well, prepare for 2025, especially January because Trump is taking the office on January 20th and the entire market is expecting a similar jump to November 5th.
Conclusion: Why Is Bitcoin Up on Christmas Day?
Bitcoin’s price surge near $100,000 on Christmas Day 2024 is fueled by a combination of factors, but most important are, the dormant wallets reactivation with the holiday market dynamics.
Feeling inspired? Whether you’re new to crypto or a seasoned investor, now might be the perfect time to explore Bitcoin’s potential. Start today on leading exchanges like Binance, Coinbase, or Kraken.
