Altcoins
Santa Claus Rally | Bitcoin Price Stagnates, Altcoins Rally on Christmas: Is a Santa Claus Rally in Effect?
Bitcoin price falls more than 1% after rising almost 5% over the past few days, with Bitcoin dominance increasing from over 52% to almost 50.5%. There are no signs of trading volume support, the global crypto market cap decreased by 0.50% to $1.67 trillion and the Crypto Fear and Greed Index fell from 75 to 72 ( greed). Some altcoins are jumping in anticipation of Santa’s gathering after Christmas.
Crypto Market Outlook for Santa Gathering
Traders are bullish on Bitcoin and other key altcoins, especially after the US CPI And PCE inflation data is cooling and the US Federal Reserve is expected to change course next year.
Major trading markets are on Christmas holidays and market activity is down, even though the crypto market remains open. There are virtually no macroeconomic events this week, except for employment data and short-term Treasury auctions, and no major crypto-related events.
Crypto withdrawals due to end of BUSD support and year-end stablecoin flows are the only events that will have virtually no impact on the crypto market.
Next Friday’s annual options delivery will be a key event, with nearly half of Bitcoin and Ethereum options positions awaiting delivery. Traders will look to take new positions, taking into account various factors, including a Spot Bitcoin ETF approval, Bitcoin halving and technical charts.
The US dollar index (DXY) slides to 101.71 and the 10-year Treasury yield falls to its lowest level in 6 months, potential factors for a slight increase in the price of Bitcoin.
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Bitcoin Falls and Altcoins Rise on Christmas
BTC Price stagnates near the $43,000 mark and altcoins take the lead at Christmas. Bitcoin price fell 1% over the past 24 hours, but an increase in trading volume indicates a potential rebound.
Crypto analysts remain optimistic. CredibleCrypto said: “Absolutely ready for the next step – hopefully we get another quick shot into the low 43,000s to fill a few of my deals first.” The market expects BTC price hits $50,000 Soon.
Major altcoins such as ETH, SOL, BNB, XRP, ADA, and AVAX pulled back after establishing strong bullish momentum for this week. Traders are eyeing trading volumes in spot and derivatives markets ahead of a Santa gathering next week.
AXS, QNT, ORDI, KDA, SEI, MINA and other altcoins are the top gainers in the crypto market this Christmas. AXS and KDA prices have soared over 30% and 60%, respectively.
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