Summary:
Bitcoin surged past $99,000 on Christmas before correcting to $98,000.
The Crypto Fear and Greed Index hit 73, signaling Greed in the market.
Altcoins like Ethereum, XRP, and Solana rose by over 4%.
$290 million liquidated in the last 24 hours, affecting 105,883 traders.
Bitcoin's market cap reached $1.94 trillion with a 24-hour volume of $46.21 billion.
Christmas Day Bitcoin Surge
Bitcoin experienced an exciting surge, climbing past $99,000 on Christmas Day, fueled by renewed optimism in the market. However, this rally was short-lived, as it quickly corrected to $98,000, establishing a strong support level.
Market Performance
According to CryptoSlateâs data, Bitcoin gained over 5% within 24 hours, bouncing back from a weekly low of $92,973. At the time of writing, it was trading at $98,000. This rebound coincided with a broader recovery in altcoins, including Ethereum, XRP, and Solana, each recording gains of over 4%.
The global crypto market cap increased by 3.5%, reaching $3.44 trillion, while the Crypto Fear and Greed Index soared to 73, indicating a sentiment of Greed.
Whale Accumulation Strategy
This bullish trend aligns with insights from Santiment, a blockchain analytics firm, which noted that market rebounds often follow panic-induced sell-offs by retail traders. This allows larger investors, or âwhales,â to acquire assets at discounted rates. Santiment stated:
âHistorically, when retail traders begin to sell based on panic and emotion, whales and sharks have opportunities to scoop up more coins with little resistance, creating bounces.â
Liquidation Data
Despite the positive momentum, the recent rally faced challenges. Data from CoinGlass indicated that over $290 million was liquidated in the past 24 hours, affecting 105,883 traders. Most of these losses came from short positions, totaling $162 million, while long positions accounted for $128 million in liquidations. Bitcoin traders faced the largest losses, with $78 million wiped out, followed by Ethereum traders with $51 million.
Current Market Data
As of 12:52 pm UTC on Dec. 25, 2024, Bitcoin is ranked #1 by market cap, priced at $98,000 with a market capitalization of $1.94 trillion and a 24-hour trading volume of $46.21 billion. The total crypto market is valued at $3.42 trillion, with Bitcoin dominance at 56.76%.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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