After a Christmas Day slump that saw the cryptocurrency market shed more than $20 billion from its previous day’s high, the crypto community is breathing a collective – and tentative – sigh of relief after the market re-gained $11 billion in just four hours earlier today.

The cryptocurrency market saw a slow and steady increase over the last ten days leading up to Christmas that had many in the community feeling cautiously optimistic. From December 15th through December 24th, the total crypto market cap increased by more than 46%, climbing from just over $100 billion to $147 billion.

Christmas morning saw them feeling decidedly less cheery as the market fell by more than 14% to $126.2 billion and continued to slide over the next two and a half days to a low of $120.4 billion.

Today, however, some of that optimism appears to be returning as the crypto market appears to be trying to claw its way back. Between 10:30 am and 11:30 am EST this morning, the market jumped more than 7%, from $122 billion to $131 billion. Over the next three hours, it continued to climb, to a high – thus far – of around $133 billion.

While some in the community are viewing the recent activity as a sign of an impending bull run, others are adopting a much more cautious ‘wait and see’ attitude.

All Top 20 Cryptos in the Green

In what could be yet another possible sign of spring after a long Crypto Winter, all Top 20 cryptocurrencies on CoinMarketCap are firmly in the green. In fact, at press time, only five of the Top 100 cryptos were showing losses over the past 24 hours.

Looking at individual cryptocurrencies during the same four hour period, Ethereum is the clear winner, climbing from $118.35 to $135.93 – a gain of more than 15%. With a market cap of roughly $14.16 billion, Ethereum is just a smidgen over $1 billion away from reclaiming the #2 spot from Ripple’s XRP.

Litecoin is feeling the love as well, no doubt buoyed – at least in part – by yesterday’s announcement that Litecoin had entered into an agreement with the UFC to be the Official Cryptocurrency Partner of UFC 232: JONES vs. GUSTAFFSON 2, which will take place on December 29, 2018, at the Forum in Inglewood, California. Despite the Litecoin market’s sluggish initial reaction, LTC prices have since jumped more than 14% – from $28.47 to $32.56.

Other Top 20 cryptocurrencies posting double-digit gains include:

Bitcoin Cash (BCH) – 13.36%

EOS (EOS) – 14.82%

Tron (TRX) – 11.67%

Cardano (ADA) – 14.65%

IOTA (MIOTA) – 15.14%

Monero (XMR) – 12.61%

Binance Coin (BNB) – 12.93%

DASH (DASH) – 10.58%

NEO (NEO) – 14.67%

Zcash (ZEC) – 11.34%

As for Bitcoin, while not quite reaching double digits, the popular cryptocurrency still managed to post gains of nearly 8%, climbing from $3670.26 to $3956.24 in the span of just four hours.

Do you think that we are seeing the beginning of a bull run or is it merely a hiccup? Sound off in the comments below.

Images courtesy of CoinMarketCap