Leading coins moved further south Monday as traders turned to profit-taking ahead of the New Year.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -1.05% | $92,439.45 |
| Ethereum (CRYPTO: ETH) | -1.23% | $3,340.67 |
| Dogecoin (CRYPTO: DOGE) | -0.67% | $0.3138 |
What Happened: Bitcoin had a bumpy morning, dipping to a low of $91,317 in early trade, recovering to highs of $94,000 late in the afternoon, and then retreating to $92,000 by evening.
Since the surge to $99,000 on Christmas, the leading cryptocurrency has slipped as much as 6.5%.
Ethereum dipped below $3,400, extending its weekly losses to 2.40%.
The downward market triggered $283 million worth of liquidations in the last 24 hours, with bullish bets worth nearly $200 million getting wiped out.
That said, Bitcoin's rebound to $100,000 from here could liquidate $687 million in short positions.
About 67% of all traders on Binance were levered long on Bitcoin, according to the Long/Short Ratio indicator, indicating expectations of a rebound.
The "Greed" sentiment cooled further from 65 to 64, according to the Crypto Fear & Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Lido DAO (LDO) | +3.38% | $1.85 |
| Arweave (AR) | +1.86% | $16.51 |
| Pepe (PEPE) | +1.85% | $0.00001822 |
The global cryptocurrency market capitalization stood at $3.24 trillion, following a drop of 0.97% in the last 24 hours.
Stocks edged lower on Monday. The Dow Jones Industrial Average slipped 418.48 points, or 0.97%, to close at 42,573.73. The S&P 500 fell 1.07%, ending at 5,906.94, while the tech-focused Nasdaq Composite lost 1.19% to close at 19,486.78.
The so-called "Santa Claus Rally" fizzled out, as both the Dow and the S&P 500 suffered losses in the trading sessions after Christmas.
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Analyst Notes: Influential cryptocurrency analyst Ali Martinez weighed in on Bitcoin's corrective action.
"Bitcoin below $93,000 is a problem because, as you can see, there isn't enough significant support below it," Ali said, pointing to fewer addresses that purchased the cryptocurrency at prices below $93,000.
#Bitcoin $BTC below $93,000 is a problem because, as you can see, there isn't enough significant support below it! pic.twitter.com/MSJxAT56OG
— Ali (@ali_charts) December 30, 2024
Well-known on-chain analytics firm Santiment noted the sizable paper gains held by short-term holders of Bitcoin on average.
"Currently, their aggregate cost-basis resides at a value of $86,800, marking this as a key region of interest for local price momentum," the firm added.
Despite the decline in #Bitcoin price, the average Short-Term Holder continues to hold an unrealized profit (paper gain) of +7.9%.
— glassnode (@glassnode) December 30, 2024
Currently, their aggregate cost-basis resides at a value of $86.8k, marking this as a key region of interest for local price momentum. pic.twitter.com/fQaQJ8mZtb
Image via Shutterstock
- Bitcoin Up 1% To $94,000: 'Sweet' Setup Going Into 2025, But Beware A Drop Below $93,000, Experts Say
