Bitcoin Rebounds Over $10,000 Since Bottom of $81,000, But Markets Brace for Historically Bearish December: Weekly Crypto Recap

The crypto market cap recovered more than $300 billion since last week’s low.

But before we dive into these developments, let’s quickly recap what happened in the crypto markets exactly a week ago. Bitcoin had already corrected more than $15,000 since November 11, when it reached $107,000, but the bears kept the pressure on and drove it even harder south last Friday.

At the time, the cryptocurrency fell to a seven-month low of less than $81,000, losing more than 35% of its value since its all-time high in early October. Naturally, many wondered if the bull run was over yet.

However, Bitcoin eventually halted its freefall over the weekend and stabilized around $84,000. The gradual recovery continued as the new business week progressed, with BTC knocking on the $88,000 door a few times on Wednesday. Although the price immediately encountered resistance, the price managed to break through at the end of the business week and even peaked above $90,000 on Thursday and early Friday.

The bulls continued to drive the asset north, culminating in a price surge above $92,000 minutes ago. This means that BTC has recovered more than $10,000 since last Friday’s low, and its market cap has risen to almost $1,850 trillion. The dominance over the alts stands at 57.1%, even though some, such as XRP, BCH, XMR and AVAX, have outperformed on a weekly basis.

In contrast, recent high-flyer ZEC is down more than 25% since this time last Friday and is trading well below $500. Nevertheless, the total crypto market cap has risen over $300 billion since that low point and now stands at $3.230 trillion.

This impressive recovery could be put to the test in the coming month, as history suggests that December has not been kind to BTC and the rest of the market.

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Market data

Market Cap: $3,230T | 24H volume: $116 billion | BTC dominance: 57.1%

BTC: $92,250 (+9.7%) | ETH: $3,070 (+12%) | XRP: $2.21 (+14.5%)

This week’s Crypto headlines you shouldn’t miss

Europe’s largest asset manager launches a tokenized fund on Ethereum. Amundi, the largest asset manager in Europe, has tapped Ethereum to launch the first tokenized share of a money market fund on the Old Continent called AMUNDI FUNDS CASH EUR.

Binance XRP Reserves Sink to All-Time Low: Good or Bad for Ripple’s Price? Ripple whales continue their rather strange behavior. Apart from selling significant portions of their token holdings, they recently withdrew over 300 million XRP from Binance, depleting the exchange’s reserves a new all-time low.

Tether CEO steps down after low rating from S&P. Legacy organizations have attacked the cryptocurrency industry again this week, with S&P Global Ratings assigning a 5 (weak) score to Tether’s USDT on the stablecoin stability scale. Tether CEO Paolo Ardoino responded quickly, saying his company would “wear your disgust with pride.”

Has Bitcoin Really Bottomed Out? Analysts weigh in. After losing over $25,000 and falling below $81,000 in just ten days, many cryptocurrency analysts started speculating on whether BTC has already bottomed out. This article delves into technical aspects and social media sentiment to determine if that is the case.

Robert Kiyosaki cashes out Bitcoin: what’s behind his surprising decision? A few weeks ago, the popular author said he would not sell BTC. Seven days later, he said he had “sold $2.25 million worth of Bitcoin.” Kiyosaki added that he would use the proceeds to purchase two surgery centers and invest in a billboard company, as well as use the monthly funds to accumulate more BTC.

JPMorgan was rumored to have a short micro strategy, which would fuel Crypto Frenzy. Speaking of legacy organizations going after the sector, reports emerged over the past week that the world’s largest bank had failed Michael Saylor’s strategy, sparking intense debate on social media.

Charts

This week we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Hyperliquid – click here for the full price analysis.