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

The leading cryptocurrency is currently trading at $98,703, according to data provided by CoinGecko.

The value of the cryptocurrency rose nearly 6% in just a few hours, with some pundits jokingly calling this overperformance a “Christmas miracle.”

After the sudden rally, Bitcoin bulls may not be in a celebratory mood. According to data provided by CoinGlass, approximately $61 million worth of Bitcoin short trades ended up being liquidated over the past four hours.

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

The latest Bitcoin buying is a welcome development for Bitcoin bulls who have been struggling to regain ground after the Fed's hawkish rhetoric. However, even after the recent price surge, Bitcoin's price is still down about 9% from its record high of $108,135 on December 17.

Last year, Bitcoin traded at $43,000 on Christmas Eve. In 2022, the major cryptocurrency traded at around $16,000 after suffering a massive crash that occurred after the FTX crash.

So far, the cryptocurrency is up nearly 140% in 2024, and some pundits like SkyBridge Capital founder Anthony Scaramucci believe the flagship could double in price in 2025.