Major cryptocurrencies held firm on Christmas Day and retained the gains made the previous day.
| Cryptocurrency | Earnings +/- | Price (recorded at 20:30 ET) |
| Bitcoin (CRYPTO: BTC) | +1.08% | $99,024.30 |
| Ethereum (CRYPTO: ETH) | +0.06% | $3,474.92 |
| Dogecoin (CRYPTO:DOGE) | -1.67% | $0.332 |
What happened
Bitcoin it soared to a one-week high of $99,800 overnight, barely missing the crucial $100,000 milestone. The world’s main cryptocurrency reached $98,000 just one day earlier, on Christmas Eve, defying days of declines.
Ethereum experienced an irregular trajectory, oscillating between $3,440 and $3,510. Trading volumes of both blue-chip currencies dropped sharply.
More than $200 million was liquidated from the market in the last 24 hours, with long liquidations worth $115 million.
Bitcoin open interest rose marginally by 0.24% in the last 24 hours. The number of traders betting bullish on the cryptocurrency decreased compared to those betting against it, according to the long/short ratio.
Funding rates increased on major exchanges, indicating that traders expect the price of Bitcoin to rise.
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Winners (Last 24 Hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 20:30 ET) |
| movement (MOVE) | +21.65% | $1.15 |
| Bitget Token (BGB) | +15.37% | $5.77 |
| GateToken (GT) | +7.25% | $14.72 |
The global market capitalization of the cryptocurrency market stood at $3.43 trillion, after registering a decrease of 0.11% in the last 24 hours.
Stock futures were virtually unchanged late Wednesday. The futures of Dow Jones fell 0.06% at 8:30 p.m. ET. Futures linked to S&P 500 they gained 0.01%, while those in Nasdaq 100 they increased by 0.15%.
The stock market was closed during the Christmas holidays. The Japanese market opened higher, with the index Nikkei 225 gaining 0.44%, a day after a report said the country was drawing up a record $735 billion budget for the next fiscal year.
Analyst Notes
The well-known cryptocurrency analyst and trader Ali Martinez considered $97,300 to be the “most significant support” for Bitcoin, with more than 1.5 million wallets accumulating 1.49 million BTC around that level.
The most significant support level for #Bitcoin is at $97,300, where 1.51 million wallets bought around 1.49 million $BTC. pic.twitter.com/hDnBnhwMZw
— Ali (@ali_charts) December 25, 2024
Santimenta popular on-chain cryptocurrency analysis firm, revealed positive crowd sentiment following Bitcoin’s Christmas bull run, with many people anticipating the asset to hit $110,000 next.
“Historically, we will see a $110,000 Bitcoin only after the crowd does not expect it,” Santiment warned.
🧑🎄📈 Bitcoin has jumped to as high as $99.8K on a bullish Christmas crypto performance. Traders are now swinging bullish once again, with speculation of $110K getting rampant. Historically, we will see $110K Bitcoin only after the crowd doesn’t expect it, as this image shows. pic.twitter.com/j4w3VQ4Zio
— Santiment (@santimentfeed) December 26, 2024
Photo by SvetlanaParnikova on Shutterstock
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