Bitcoin is back at $50,000 ahead of Christmas

Bitcoin, the largest cryptocurrency by market capitalization, has reached its highest level since early December.

The leader cryptocurrency hit a high of $51,386 at 7:49 p.m. on CoinMarketCap. This means BTC is up by over 5% on the day.

This price surge propelled the king of crypto to reach its highest level since December 7, recovering 22% from its local low of approximately $42,000.

This BTC price movement also pushed other coins to see their prices rise as well. Therefore, the top 100 largest cryptocurrencies are in the green, with SushiSwap (SUSHI) leading the market rally with 23.74% and the DeFi sector outperforming the rest of the market.

Moreover, Compound (COMP), Aave (AAVE), and Uniswap (UNI) have seen their prices jump with double-digits.

Looking at this, the crypto community hopes Santa Claus could also do something for the crypto market and push the Bitcoin price higher by the end of the year.