From tree-lighting ceremonies, carol sing-alongs, to cute gifts, the Christmas spirit is alive and kicking, bringing families and communities together.
For cryptocurrency enthusiasts, the joy has doubled on the back of Bitcoin's BTC/USD record-breaking run leading up to the special day.
However, things were just the exact opposite during the Christmas of 2022.
What happened: After a searing bull market that catapulted Bitcoin and several other tokens to record highs in 2021, things took a drastic U-turn in 2022.
With implosions like the FTX FTT/USD exchange bankruptcy and the collapse of the Terra LUNA/USD cryptocurrency, the market froze in the cryptocurrency winter of 2022.
Bitcoin fell to $16,000 at its lowest point, with a price on Christmas Day at $16,841.99.
However, if you were still an optimist and gifted your family $150 worth of Bitcoin on the festive day, you wouldn't have disappointed them in the least.
The market turned around dramatically in 2024, and fueled by Donald Trump's election victory, Bitcoin breached the $100,000 milestone.
To set the record straight, Bitcoin traded at $94,140.23 as of this writing. This meant the stash you gifted on Christmas 2022 would be worth $838.44 today, representing a profit of 458%.
To put this in context, it was larger than the average amount an American is estimated to spend on gifts this holiday season, which is $641, according to the National Retail Federation.
So, basically, the 2022 gift would have increased your family’s purchasing power, allowing them to buy even more gifts for your loved ones in 2024.
However, everything is not lost if you ended up panic-selling your Bitcoin stash in 2022. If your belief in the asset’s long-term potential remains strong, you may wish to buy some this Christmas.
Price Action: At the time of writing, Bitcoin was exchanging hands at $94,140.23, down 0.71% in the last 24 hours, according to data from Benzinga Pro.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
