As an analyst with over a decade of experience in both traditional and digital markets, I’ve seen my fair share of market fluctuations. However, the post-Christmas plunge of Bitcoin this year feels like a familiar rollercoaster ride.
On December 26th, a day following Christmas, it can be said that the festive cheer didn’t linger for too long, especially in the cryptocurrency market. To put it simply, after the global celebration wrapped up, the price of Bitcoin started to plummet. In fact, during today’s trading, it dropped by approximately 4%.
Consequently, the price of the top cryptocurrency reached $95,200, however, it’s concerning that the total market capitalization of Bitcoin fell below $2 trillion. This isn’t a new occurrence in recent times, but yet again, it underscores the vulnerability of significant digital assets within the current market context.
It could be because December marks the conclusion of a quarter, a month, and the year. This is typically when traders and investors wind up their transactions, bid farewell, and prepare to resume activities following the holiday season.
Given that Bitcoin has shown a stronger connection to conventional financial markets this year than ever before, primarily because of the introduction of spot Bitcoin ETFs in the United States, it’s important to note that trends similar to those in the S&P 500 could have a direct impact on the cryptocurrency market.
It appears that Bitcoin’s continuous trading without any days off doesn’t seem to provide an advantage, instead, it might be more of a disadvantage.
It’s yet unclear where exactly the principal cryptocurrency will hit its short-term lowest point. Following its peak at an unprecedented $108,353 on Binance, the price of Bitcoin has dropped to a maximum of $92,300. Additionally, there’s an open gap in price around $77,000 per BTC on the CME that hasn’t been filled since November, which is causing concern among crypto investors as well.
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2024-12-26 16:45