Bitcoin (BTC) put in an early end-of-year flourish on Dec. 31 as an upward boost saw BTC/USD retake $48,000.
BTC/USD 1-hour candle chart (Bitstamp). Source: TringView
Options expiry fes
Data from Cointelegraph Markets Pro and TringView showed BTC/USD abruptly gaining over $1,500 in a single hour on Friday.
A refreshing counterpoint to several days of downtrend, the move gave a taste of what could happen in a crypto market where liquidity is thinner than normal over the holiday period.
Futures + option expiry
— IamNom (@IamNom) December 31, 2021
December’s Bitcoin options expiry event, worth almost $6 billion, could have provided the snap relief, trers argued, this tritionally pressuring BTC price action beforehand.
A survey by the @Bitcoin Twitter account earlier in December showed that the majority of participants expected BTC/USD to be above $55,000 by the time of the expiry.
Bitcoin Twitter survey. Source: Twitter
As Cointelegraph reported, expectations are mounting that a “flippening” in ownership of BTC will see institutions play a more important role overall beginning next month.
Professional tring platform Coinbase Pro saw almost 10,000 BTC leave its books in the 24 hours prior to the uptick.
Relief spills over to altcoins
With volatility far from absent on Bitcoin, altcoins took the opportunity to follow suit, reversing some of the week’s losses.
Related: Little forkers: BCH and BSV get crushed by Bitcoin price in 2021
Ether (ETH), the largest altcoin by market cap, tred at around $3,800 at the time of writing, still down 7.2% over the past seven days and below the $4,000 mark.
ETH/USD 1-hour candle chart (Bitstamp). Source: TringView
The top ten cryptocurrencies by market cap saw between 1.5% and 4% gains at the time of writing.
META ARTICLE: Bitcoin gains $1.5K in under an hour as BTC price erases days of downtrend PUBLISHED: 2021-12-31 09:46:12 SOURCE: https://cointelegraph.com/news/bitcoin-gains-1-5k-in-under-an-hour-as-btc-price-erases-days-of-downtrend