Leading cryptocurrencies stagnated on Christmas Day amid thin liquidity, while stock futures inched higher.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:35 p.m. 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 On Xmas
Bitcoin pushed toward $88,500 early on Christmas Day but failed to sustain a decisive rally, slipping back below $87,000 by evening. Trading volume remained thin, falling 14% over the last 24 hours.
Ethereum failed to cross $3,000, retreating to the early $2,900 region overnight. XRP and Dogecoin fell 1.15% and 1.51%, respectively.
Over $138 million was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with the majority of it coming from long liquidations.
Bitcoin’s open interest fell 0.94% in the last 24 hours as short positions for the leading cryptocurrency exceeded longs, according to the Long/Short ratio.
The “Extreme Fear” sentiment persisted in the market, according to the Crypto Fear and Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:35 p.m. ET) |
| 0G (0G ) | +37.20% | $1.19 |
| Quantum Resistant Ledger (QRL ) | +16.47% | $3.26 |
| Stable (STABLE ) | +15.38% | $0.01084 |
The global cryptocurrency market capitalization stood at $2.94 trillion, following a drop of 0.85% in the last 24 hours.
Will Santa Rally Continue?
Stock futures ticked higher Thursday evening. The Dow Jones Industrial Average Futures rose 15 points, or 0.03%, as of 8:20 p.m. EDT. Futures tied to the S&P 500 gained 0.07%, while Nasdaq 100 Futures added 0.11%.
The market witnessed a Santa rally on Christmas Eve as the S&P 500 closed at a new record high on Wednesday, while the Dow Jones Industrial Average and the tech-focused Nasdaq Composite also closed higher.
The New York Stock Exchange and the Nasdaq Exchange were closed Thursday for Christmas and will resume regular trading on Friday.
What’s Next For Bitcoin?
Michaël van de Poppe, a widely followed cryptocurrency commentator, expected Bitcoin to revisit $90,000 or higher during the weekend or next week.
“I think commodities are overdue and liquidity will move elsewhere + loosening conditions on the [macroeconomic] side of this world,” the analyst added.
Ted Pillows, an angel investor and cryptocurrency market observer, said that Bitcoin’s daily close above the $89,500 level will drive the asset toward the $100,000 level.
Conversely, a daily close below $85,000 risks pulling Bitcoin below $80,000, the analyst projected.
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