Crypto On Dec. 27: Market Gathers Pace Ahead Of New Year

Ahead of the New Year's celebrations, top cryptocurrencies continued to see an upsurge in prices leading the global market cap to rise 2.34% to $2.40 trillion as of 3.02 a.m. ET.

Bitcoin, which was buoyed ahead of Christmas, continued to maintain its price over the $50k mark. The world's topmost crypto was trading 2.35% higher compared to the previous day at $50,974. Ethereum too rose 1.13% in the last 24 hours and was trading at $4070.

The two top coins touched their all-time highs on Nov. 9 and since then have faced a nosedive. However, they picked momentum again last week.

Among other coins, all of the top 10 coins were trading in the green. Meme cryptos Dogecoin and Shiba Inu, which are not on the top 10 list, were also trading higher. While Dogecoin rose 1.86% in the last 24 hours, Shiba Inu surged 4.26%.

The bullishness came amid the festive season despite the fears of the new Covid variant Omicron gripping the countries.

Former U.K. chancellor of the exchequer Lord Hammond Sunday warned about investing in cryptocurrencies. He said, “It’s gambling money,” noting that “people should be extremely cautious” while putting their money at stake.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.