Bit recovers strongly, approaching the $100,000 region after 3 consecutive days of decline.
Stocks soared on Christmas Eve as the market achieved consecutive gains during the holiday week.
The S&P 500 rose 1.1% to 6,040.04 and the Dow Jones rose 390.08 points, or 0.91%, to 43,297.03. The Nasdaq Composite rose 1.35% to 20,031.13, driven by a 7.4% increase in Tesla stock. Amazon and Meta Platforms both rose more than 1%.
The New York Stock Exchange and the bond market closed early on Christmas Eve and Wednesday.
Tuesday marked the start of the Santa Claus rally, which typically occurs in the last 5 trading days of the year and the first 2 days of January. According to LPL Research, since 1950, the S&P 500 has generated an average return of 1.3% during this period, far exceeding the market's average 7-day return of 0.3%.
With two consecutive days of gains, the S&P 500 has risen 1.8% this week, while the Dow has gained around 1%. The strong rally in large-cap technology has driven the Nasdaq up 2.3% so far this week.
The S&P 500 has also turned green for the month with a 0.1% gain. The technology-heavy Nasdaq has risen 4.2% in December, with Google's parent Alphabet surging 16%, Apple up nearly 9%, and Tesla soaring around 34% so far this month. However, the Dow Jones index is still down around 3.6% in December, on track for its worst monthly performance since April.
American Airlines stock fluctuated on Tuesday after the airline temporarily suspended all U.S. flights due to a technical issue on one of the busiest travel days of the year.
After 3 days in the red, Bit has started to show signs of recovery, surging towards the $100,000 region, erasing nearly all of the losses from the recent correction.
Bit has gained nearly $6,000 on Christmas Eve, from a dip of $93,500 to a local peak of $99,487, as investors hope the seasonal Santa Claus rally could help drive the market.
The leading asset has since retreated slightly to around the $98,000 area.
The Altcoin market gained points yesterday.
Fartcoin (FARTCOIN) was the best performing project yesterday, surging 58% in 24 hours. Puddy Penguins (PENGU) followed with an impressive growth of over 30%.
Other major projects such as Bitget Token (BGB), Movement (MOVE), Hedera (HBAR), JasmyCoin (JASMY), Curve DAO Token (CRV), VeChain (VET)... all jumped over 10%.
Ethereum (ETH) recovered for the 2nd consecutive day after the bulls pushed the price above the $3,500 region.
However, after reaching a local peak of $3,539, ETH has retreated back to around $3,470 as selling pressure has increased.
You can view the coin prices here.
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Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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