Major virtual assets are showing an upward trend. This appears to be due to expectations for a "Santa rally" in the U.S. stock market. Typically, a Santa rally refers to U.S. stock indexes rising from just before Christmas through the end of the year and into early the following year.

As of 8 a.m. on the 28th, on CoinMarketCap, a global coin market data site, Bitcoin was up 1.08% from 24 hours earlier at $91,381.

A view of the virtual asset exchange at the Bithumb Lounge Gangnam Main Branch in Seocho District, Seoul. /Courtesy of News1

Ethereum, the No. 2 by market cap, is down 0.47% at $3,013. Binance Coin, No. 5 by market cap, is also up 0.12% at $893. In contrast, Ripple, No. 4 by market cap, is down 0.83% at $2.2.

The rise in virtual assets excluding Ripple appears to have been influenced by expectations for a Santa rally. The crypto-focused outlet CoinDesk said that on expectations of a Santa rally, $60 million in Bitcoin short (sell) positions were liquidated that day.

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