Bitcoin, Ethereum, XRP, Dogecoin Surge Around 5% In Christmas Eve 'Santa Rally'

Cryptocurrency markets are trading higher on Christmas eve, prompting traders to predict a bullish end to the year.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$98,100.74	+5%
Ethereum ETH/USD	$3,478.79	+4%
Solana SOL/USD	$196.49	+6%
XRP XRP/USD	$2.31	+6.1%
Dogecoin DOGE/USD	$0.3338	+6.9%
Shiba Inu SHIB/USD	$0.0000231	+6.8%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 158.7%. Transactions greater than $100,000 are up from 7,495 to 10,784 in a single day. Exchanges netflows are down by 233.05%.
• Coinglass data reports 88,733 traders were liquidated in the past 24 hours for $250.33 million.  

Notable Developments:

• Deribit Eyes Growth In Asset-Backed Crypto With Pax Gold Debut
• Did Vladimir Putin Just Ban Bitcoin Mining In Russia? The Devil Is In The Details
• North Korean Hackers’ Suspected Presence Triggers Over $500 Million In Outflows From Crypto Exchange
• Blackrock’s Bitcoin ETF Could Outshine S&P 500-Tracking SPY To Become Top Investment Vehicle But It Will Take A ‘Long’ Time, Says Prominent Analyst

Top Gainers:

Cryptocurrency	Price	Gains +/-
Pudgy Penguins PENGU/USD	$0.03587	+35.7%
Bitget Token (CRYPTO: )	$4.90	+21.9%
Virtuals Protocol VIRTUAL/USD	$3.13	+20.6%

Trader Notes: Bitcoin prices are trading higher, and crypto trader Jelle has shared a straightforward strategy for navigating the market.

Bull market Christmasses tend to be wild.

Bull market Januaries tend to be bullish.

Keep it simple. #Bitcoin pic.twitter.com/Msb55w8EqN

— Jelle (@CryptoJelleNL) December 23, 2024

Meanwhile, Rekt Capital observed that Bitcoin attempted a relief rally yesterday but was rejected near recent lows.

Today, it’s rebounding and testing former support levels, which now act as resistance.

If resistance holds, further downside is likely. However, reclaiming these levels could signal a bullish reversal.

Trader Satoshi Flipper reflected on Bitcoin’s recent 15% correction and altcoins dropping 25-50%.

He questions whether this marks the local bottom or if future corrections will follow a similar pattern.

While its possible, certainty remains elusive.

The trader wonders if history is repeating or rhyming, acknowledging it’s too early to draw conclusions. Investors can afford to wait, but traders remain cautious.

Read Next: 

• If You Gave Your Loved Ones A $150 Bitcoin Christmas Gift In 2022, It’d Be Worth More Than What An Average American Spends On The Holiday In 2024

Image: Shutterstock