Bitcoin, Ethereum, Dogecoin Trade Muted: Hope For Santa Claus Rally Dampens As Analyst Cites Return Of 'Christmas Palindrome Block'

Bitcoin BTC/USD and Ethereum ETH/USD maintained their nearly flat trend on Sunday evening on Christmas, as the global cryptocurrency market cap decreased 0.24% to $810.17 billion at 8:30 p.m. EST. 

What Happened: Dogecoin DOGE/USD — the bellwether meme coin — traded muted on Sunday, down 2.24% over 24 hours. Hopes for a "Santa Claus" rally faded as investors returned to selling off riskier assets.

U.S stocks ended higher on Friday, but not enough to avoid a weekly loss, due to increasing worries of a potential recession. The Dow Jones Industrial Average, S&P 500 Index, and Nasdaq Composite Index respectively closed up 0.5%, 0.6%, and 0.2%, but still finished lower for the week, according to Benzinga Pro. Financial markets will be closed for Christmas on Monday.

See More: Best Crypto Day Trading Strategies

Popular analyst Will Clemente's assessment of Bitcoin's volatility hitting an all-time low has drawn tremendous approval from fellow trader Shan Belew, who cites the accompanying chart to show how the cryptocurrency's price has steadily declined, calling the image "beautiful." Shan goes on to say that the current dip in prices presents an ideal opportunity to accumulate Bitcoin and capitalize on the promising trajectory of the market.

This festive season, trader Herkermer wants everyone to remain safe as the “Christmas Palindrome Block” is just around the corner, hinting that the market is falling from its current low.

Earlier last week, Peter Schiff kicked off a fierce debate on Bitcoin maximalist Michael Saylor adding BTC to MicroStrategy's MSTR balance sheet. Schiff suggested this was a 'Hail Mary' move meant to prevent the company's collapse. On the other hand, Bitcoin supporters countered that the decision of holding Bitcoin in a portfolio was sound.

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