Cryptos On Dec. 24: Top Coins In The Green, Market Cap Zooms A Day Before Christmas

The cryptocurrency market boomed Friday, with most of the top coins trading in the green a day before Christmas. This led to a 4.51% surge in the global crypto market cap, taking it to $2.38 trillion as of 3.22 a.m. ET.

The festive cheer led the world's largest cryptocurrency, Bitcoin, to rise and trade above the $50k mark. After a 5.2% rise in the last 24 hours, Bitcoin was trading at $51,021. Ethereum too surged and was trading at $4,097, CoinMarketCap data showed.

Barring XRP, all the top 10cryptocurrencies were trading in the green. The bullishness has led to optimism that the forecasts of a booming crypto market early next year would come true.

Meme cryptos Dogecoin and Shiba Inu also rose in the last 24 hours. While Doge was up by 3.21% in the last 24 hours, Shiba Inu rose 7.92%.

Meanwhile, in a bid to regulate cryptocurrencies, Sen. Cynthia Lummis, R-Wyo., is planning to introduce a crypto bill in the new year. She is a member of the Senate Banking Committee and is one of only two sitting senators who hold Bitcoin in her portfolio.

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