Bitcoin, Ethereum, XRP, Dogecoin Tread Water After Luckluster 'Santa Rally'

Author: Khyathi Dalal | December 30, 2024 03:24pm

Cryptocurrency markets are trading sideways on a low-volume Monday.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$94,335.84	+1.2%
Ethereum (CRYPTO: ETH)	$3,399.26	+1.7%
Solana (CRYPTO: SOL)	$195.53	+2.1%
XRP (CRYPTO: XRP)	$2.11	-0.8%
Dogecoin (CRYPTO: DOGE)	$0.32	+1.9%
Shiba Inu (CRYPTO: SHIB)	$0.00002158	-0.04%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 53.99% and daily active addresses falling by 0.07%. Transactions greater than $100,000 are down from 7,598 to  7,678 in a single day. Exchanges netflows are down by 25.5%.
• Coinglass data reports 111,449 traders were liquidated in the past 24 hours for $283.52 million. Bitcoin derivatives trading volume surged 142% in past 24 hours while open interest is up 3.3%.

Notable Developments:

• Dogecoin’s Tesla Integration, Pepe’s Monster Gains, Shiba Inu Drops A Zero: The 2024 Meme Coin Year In Review
• EXCLUSIVE: Janover To Accept Bitcoin Payments And Consider Crypto For Treasury Allocation
• European Central Bank Should Consider Bitcoin Reserve, Former German Finance Minister Says
• MicroStrategy Drops Another $209 Million On Bitcoin, Extends Buying Streak To 8 Weeks
• Donald Trump’s $9.9 Million Crypto Portfolio: Over 50% Growth Since September – How Many Cryptocurrencies Does Trump Own?

Top Losers:

Cryptocurrency	Price	Gains +/-
Helium (CRYPTO: HNT)	$5.97	-9.3%
MANTRA (CRYPTO: OM)	$3.54	-5.6%
FTX Token (CRYPTO: FTT)	$3.52	-4.8%

Trader Notes: With Bitcoin prices trading relatively flat, crypto trader Jelle highlights that Bitcoin's 2023 price action follows a fractal pattern that may lead to a new local low.

While he's placing leveraged bids between $90,000 and $87,000 as a precaution, he remains indifferent on whether the fractal will fully develop.

In contrast, Michaёl van de Poppe maintains a bearish outlook in the short term, expecting further downside until a Trump-related event occurs, which he believes will trigger an upward reversal.

The $90,000 range is considered the optimal level for this movement.

The scenario on #Bitcoin remains the same.

I'm still expecting that we'll see some more downwards momentum pre-Trump and return upwards from there.

The ideal area is around $90K. pic.twitter.com/pPgJYf0ksG

— Michaël van de Poppe (@CryptoMichNL) December 30, 2024

Inverse Cramer expressed frustration, noting they had expected a Santa rally but instead saw a 10% sell-off in the crypto market.

CryptoCon views Bitcoin’s recent small correction after reaching $100,000 as a potential buying opportunity for the next phase of the bull run. They reference the Mayer Multiple, suggesting no major shift in the cycle pattern.

With the cycle low in 2022 and the mid-top expected in March 2024, the trader believes this mirrors previous cycles in 2013, 2017, and 2020, which eventually led to new all-time highs.

Despite Bitcoin's recent ATHs, CryptoCon believes 2025 will be the year when long-awaited gains will be realized.

This so far small correction after reaching 100k is your barrier to entry to the rest of the Bitcoin bull run.

The Mayer Multiple shows us that nothing is different so far.

The Cycle Low mark was hit in 2022 and the mid-top was made this year in March, both of which have… pic.twitter.com/Wrti9MuiTh

— CryptoCon (@CryptoCon_) December 30, 2024

Read Next: 

• 2025 Outlook: Bitcoin To $150,000, Ethereum To $5,500, Dogecoin Hits $1, Galaxy Research Predicts

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $FTM $FTT $HNT $OM $SHIB $SOL $XRP