Finally, after a multi-month downtrend, the crypto market at large breathed a sigh of relief over the past days. In one week, Bitcoin (BTC) has found legs to run on, moving from a year-to-date low at ~$3,150 to a multi-week high of ~$4,225 on the back of an unexpected influx of buying pressure. This move, which has been dubbed both a “Santa Claus rally” and/or “relief rally/dead cat bounce” by analysts, pushed altcoins even higher than BTC.
Case in point, within the past week, the BTC market dominance figure has fallen to 52.83%, a far cry from the 55% posted just prior to the crypto market’s most recent surge. This move has also seen volume return to the cryptocurrency market en-masse, with exchanges reporting $14 billion on Friday morning, according to data compiled by Live Coin Watch.