Santa Claus opening a box with golden light coming out of it

Product image courtesy of Romolo Tavani/Shutterstock

Bitcoin, Ethereum and Ripple have all rallied today, sparking hopes that the so-called “Santa Claus Rally” is finally taking place. A Santa Claus Rally is when the stock market rallies during the final week December. It is presumed investors do this and sell their stocks in December only to buy them back in January for tax purposes.

Investors are now hopeful that the struggling days of these cryptocurrencies have finally come to an end. Cryptocurrencies such as Ripple and Etheruem have been wiped out some $700 billion this year. And Bitcoin has been going through a rollercoaster in 2018.

However today, Bitcoin has increased by 10% over the last 24 hours reaching up to $3,500. Today also marks the one year anniversary of the popular crypto when it reached its highest in 2017 at a little over $19,000.

Should this all truly be the effect of a Santa Claus Rally, well, we’ll have to wait and see until January. Do you think these cryptocurrencies will continue to rise in 2019? Why or why not? Let us know in the comment section down below!