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Bitcoin passed the $51,000 mark, increasing its market value by more than $70 billion in 24 hours

Bitcoin passed the $51,000 mark, increasing its market value by more than $70 billion in 24 hours

On Tuesday, December 7, the cryptocurrency market began showing signs of recovery after a sharp drop on December 4, Finbold reported.

Bitcoin (BTC) and Ethereum (ETH) prices each rose more than 6 percent in the previous 24 hours, indicating that the market is becoming more optimistic. Bitcoin is currently trading at $51,303 up, up 5.3% in the last 24 hours and down 9.58% in the previous seven days. Moreover, with a market value of more than $965 billion, Bitcoin has added $72 billion in the last 24 hours since it began its resurgence from $893 billion. It's worth noting that addresses “Bitcoin whales” retailers owning between 100 and 10,000 BTC have collected 67,000 more Bitcoins than before the price fell, according to behavioral analytics platform Santiment, which noted: “Bitcoin recovered to $50,100 on Monday, and whale traders rebounded from the drop to perfection. Since resetting to $43.5k, addresses owning between $100k and $10k $BTC have accumulated 67k more $BTC after resetting the same amount before the price drop”. Elsewhere, leading crypto analyst Michael van de Poppe highlighted the following resistance levels for Bitcoin at $51,600 and $53,600. “Bitcoin held the $47.8K level after a break below which the other side of the range was tested. Breakout and now next resistance points at $51.6 and $53.6K”, –he wrote on Twitter.

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