It looks like Santa Clause has arrived early for crypto investors this year, with strong rallies seen across bitcoin (BTC), ethereum (ETH), and the broader altcoin market in the past 24 hours.
At 13:10 UTC, BTC traded at USD 51,038, up 4.3% for the past 24 hours and 7.1% for the past week. Meanwhile, ETH stood at USD 4,090, up 2.9% for the past 24 hours and 3% for the week.
Elsewhere in the crypto market, performance was also strong over the past day, with the vast majority of coins in the top 100 by market capitalization seeing higher prices. Among the ones that stood out were the sandbox (SAND), fantom (FTM), arweave (AR), and internet computer (ICP), which have all seen 24-hour gains between 20% and 13%, respectively.
The rally for bitcoin over the past 24 hours marked a break through the key USD 50,000 level, boosting sentiment among bitcoin HODLers and traders. Meanwhile, the price has also recently broken through a descending trendline that can be drawn back to the USD 69,000 all-time high from November 10, improving the technical set-up of the bitcoin chart.
90-day price of BTC:
For ethereum, the recent rally has brought the second-most valuable cryptocurrency up above the USD 4,000 mark, after buyers pushed it up from a low of just over USD 3,640 on December 15.
90-day price of ETH:
And as the bitcoin chart in particular is looking stronger from a technical analysis perspective, on-chain signals also look promising for the number one cryptocurrency.
Among several bullish signals, some members of the bitcoin community today pointed out that large whales have continued to add more coins to their holdings throughout November and December.
Along with an accumulation of coins by whales, the supply of BTC on exchanges has also seen a steady decline during the past two months, although a slight uptick was seen between Thursday and Friday…
![Anticipation for Ethereum [ETH] 2.0 rises as metric reaches all-time high](https://crypto.newswireservice.net/wp-content/uploads/2023/01/ethereum-wale-1000x600-350x250.jpg)
