The price of Bitcoin, the leading cryptocurrency by market capitalization, is approaching the $100,000 level once again on Christmas Eve. 

The pioneer cryptocurrency is currently changing hands at $98,703, according to data provided by CoinGecko. 

The cryptocurrency has surged by nearly 6% in mere hours, with some pundits jokingly describing this overperformance as a “Christmas miracle.” 

Following the sudden spike, Bitcoin bears might not be in the festive spirit. According to data provided by CoinGlass, roughly $61 million worth of Bitcoin shorts ended up being liquidated over the past four hours. 

The S&P 500 index has also closed 1% higher while the tech-heavy Nasdaq 100 index, which recently added business intelligence MicroStrategy, is up by 1.3%. 

The recent Bitcoin purchase is a welcome development for Bitcoin bulls had been struggling to regain ground following the Fed’s hawkish rhetoric. Major risk assets, including prominent cryptocurrencies, tumbled last week after it became clear that the Fed would likely implement fewer rate cuts in 2025.   

However, even following the most recent price surge, the Bitcoin price is still down roughly 9% from its record high of $108,135 on Dec. 17. 

Last year, Bitcoin was trading at the $43,000 level on Christmas Eve. In 2022, the flagship cryptocurrency was changing hands at roughly $16,000 after enduring a massive crash that occurred following the FTX implosion.  

So far, the cryptocurrency has surged by nearly 140% in 2024, and some pundits of the likes of SkyBridge Capital founder Anthony Scramucci believe that the flagship coin might double in price in 2025. 

The cryptocurrency is up by a mere 1% this week. Bitcoin bulls still have a week left to make sure that this month remains in the green.