Bitcoin (BTC) had an early year-end bloom on December 31st when an upside momentum sent BTC / USD back to $ 48,000.
Option expiration fades
Data of Cointelegraph Markets Pro Y TradingView showed that BTC / USD abruptly gained over $ 1,500 in a single hour on Friday.
A refreshing counterpoint to several days of downtrend, the move gave a glimpse of what could happen in a crypto market where liquidity is scarcer than normal during the holiday period.
Futures + option expiration
- IamNomad (@IamNomad) December 31, 2021
The December Bitcoin options expiration event, worth nearly $ 6 billion, could have provided instant relief, traders argued, this traditionally pushing BTC's price action beforehand.
A poll conducted by the Bitcoin Twitter account in early December showed that most participants expected BTC / USD to be above $ 55,000 at expiration.
As Cointelegraph reported, expectations are rising that a change in BTC ownership will see institutions play a bigger role overall starting next month.
Professional trading platform Coinbase Pro saw nearly 10,000 BTC abandon their books 24 hours before the rally.
Relief extends to altcoins
With volatility far from absent in Bitcoin, altcoins took the opportunity to follow suit, reversing some of the week's losses.
Related: Small forks: BCH and BSV are crushed by Bitcoin price in 2021
Ether (ETH), the largest altcoin by market cap, was trading at around $ 3,800 at the time of this writing, still down 7.2% over the past seven days and below the $ 4,000 mark.
The top 10 cryptocurrencies by market capitalization made between 1.5% and 4% profit at the time of this writing.
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