Bitcoin price gets Christmas boost, as cryptocurrency markets rise by billions

The price of bitcoin has moved up sharply over the last 24 hours, mirroring a trend in recent years to rise in value ahead of major holidays.

The market surge took the cryptocurrency above $7,500 (£5,700) for the first time since the start of December, adding $7 billion to its overall market cap.

It remains a long way off the highs of around $13,000 over the summer – and the all-time record of close to $20,000 in 2017 – but is a significant improvement from the start of the year, when bitcoin was trading below $4,000.

The seasonal boost was predicted earlier this month, after research from digital currency exchange SFOX revealed that bitcoin has experienced positive market movements in the build-up to US holidays.

Similar price increases occurred in the run up to the…

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