Major cryptocurrencies stagnated on Christmas Day amid tight liquidity, while stock futures inched higher.
| Cryptocurrency | Profit +/- | Price (recorded at 8:35 PM ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.43% | $87,267.64 |
| Ethereum (CRYPTO:ETH) | -0.91% | $2,916.07 |
| XRP (CRYPTO:XRP) | -1.15% | $1.83 |
| Solana (CRYPTO: SOL) | -1.51% | $120.58 |
| Dogecoin (CRYPTO: DOGE) | -3.25% | $0.1240 |
Crypto market lags behind Christmas
Bitcoin Early on Christmas Day it headed towards $88,500, but failed to sustain a decisive rally and fell back below $87,000 by the evening. Trading volume remained thin, falling 14% in the past 24 hours.
Ethereum failed to cross the $3,000 mark and retreated to the early $2,900 region overnight. XRP And Dogecoin fell by 1.15% and 1.51% respectively.
More than $138 million was liquidated from the cryptocurrency market in the past 24 hours. according to to Coinglass, the majority of which comes from long-term liquidations.
According to the Long/Short ratio, Bitcoin’s open interest fell 0.94% over the past 24 hours as short positions for the leading cryptocurrency exceeded longs.
The sentiment of ‘extreme fear’ persisted in the market, according to to the Crypto Fear and Greed Index.
Top risers (24 hours)
| Cryptocurrency (market cap>$100 million) | Profit +/- | Price (recorded at 8:35 PM ET) |
| 0G (0G) | +37.20% | $1.19 |
| Quantum-proof ledger (QRL) | +16.47% | $3.26 |
| Stable (STABLE) | +15.38% | $0.01084 |
The global cryptocurrency market cap reached $2.94 trillion, after declining 0.85% in the past 24 hours.
Will the Santa Rally go ahead?
Stock futures traded higher on Thursday evening. The Dow Jones industrial average futures rose 15 points, or 0.03%, as of 8:20 PM EDT. Futures associated with the S&P500 gained 0.07%, while Nasdaq 100 Futures added 0.11%.
The market witnessed a Christmas gathering on Christmas Eve S&P500 closed at a new record on Wednesday, while the Dow Jones Industrial Average and the technology-oriented Nasdaq Composite also closed higher.
The New York Stock Exchange and the Nasdaq Exchange were closed Thursday for Christmas and will resume regular trading Friday.
What’s next for Bitcoin?
Michael van de Poppe, one widely followed cryptocurrency commentator expected Bitcoin to revisit $90,000 or higher this weekend or next week.
“I think commodities are overdue and liquidity will move elsewhere + market conditions will ease [macroeconomic] side of this world,” the analyst added.
Ted pillows, an angel investor and cryptocurrency market observer said Bitcoin’s daily close above the $89,500 level will push the asset towards the $100,000 level.
Conversely, a daily close below $85,000 threatens to push Bitcoin below $80,000, the analyst predicted.
Read next:
Photo courtesy: KateStock on Shutterstock.com
#Bitcoin #Ethereum