Bitcoin, Ethereum Rise, Dogecoin Slides Amid Positive Christmas Sentiment: Analyst Cautions $110K Target For BTC Possible Only When...
CLEARSHARES PITION INTERMEDIATE FIXED INCOME ETF BTC | 46.43 | +4.31% |
Leading cryptocurrencies remained rock steady on Christmas day, retaining advances made the day before.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. 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 sailed to a one-week high of $99,800 during overnight trading, narrowly missing the crucial $100,000 milestone. The leading cryptocurrency hit $98,000 just a day earlier on Christmas Eve, defying days of downward price action.
Ethereum witnessed a bumpy trajectory, wobbling between $3,440 and $3,510. Trading volumes for both blue-chip currencies were down significantly.
Over $200 million was liquidated from the market in the last 24 hours, with long liquidations accounting for $115 million.
Bitcoin's Open Interest rose marginally by 0.24% in the last 24 hours. The number of traders placing upside bets on the cryptocurrency declined vis-à-vis those betting against it, according to the Long/Short Ratio.
Funding rates rose on top exchanges, indicating that traders expected Bitcoin's price to rise.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Movement (MOVE) | +21.65% | $1.15 |
| Bitget Token (BGB) | +15.37% | $5.77 |
| GateToken (GT) | +7.25% | $14.72 |
The global cryptocurrency market capitalization stood at $3.43 trillion, following a decrease of 0.11% in the last 24 hours.
Stock futures were broadly unchanged on Wednesday overnight. The Dow Jones Industrial Average Futures was down or 0.06%, as of 8:30 p.m. ET. Futures tied to the S&P 500 gained 0.01%, while Nasdaq 100 Futures added 0.15%.
The stock market was closed for the Christmas holiday. The Japanese market opened higher, with the Nikkei 225 index gaining 0.44%, a day after a report said the country was compiling a record $735 billion budget for the next fiscal year.
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Analyst Notes: Well-known cryptocurrency analyst and trader Ali Martinez deemed $97,300 the "most significant support" for Bitcoin, with over 1.5 million wallets accumulating 1.49 million BTCs around the level.
Popular on-chain analytics firm Santiment revealed a positive crowd sentiment after Bitcoin's bullish Christmas rally, with many anticipating the asset to hit $110,000 next.
"Historically, we will see $110,000 Bitcoin only after the crowd doesn’t expect it," Santiment cautioned.
Photo by SvetlanaParnikova on Shutterstock
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