As a seasoned researcher who has witnessed the crypto market ebb and flow over the years, I must say that the Christmas rally of 2024 was indeed an exciting spectacle to behold. The surge in altcoins like Movement (MOVE), Bitget Token (BGB), Zcash (ZEC), Fartcoin, Solana protocol Raydium, and Virtuals Protocol, among others, is a testament to the market’s resilience and potential for growth.
On Christmas Day (Dec. 25), various cryptocurrencies like Movement, Bitget Token, and Zcash experienced substantial surges in value, resulting in impressive price increases that resembled Santa’s generous gifts.
As a researcher, I’ve noticed an intriguing development: After Bitcoin (BTC) regained some ground, reaching approximately $92,000 on December 23, a ripple effect occurred, pushing the values of certain alternative cryptocurrencies (altcoins) beyond $98k as well.
Buoyed by various factors and catalysts, some alts recorded more than 30% spikes.
In the ranks of leading cryptocurrencies, MOVE, Bitget Token, and Zcash have shown significant growth with MOVE jumping over 31%, Bitget Token increasing by approximately 18%, and Zcash rising by nearly 9%.
In simpler terms, among the top 100 digital currencies by value, it was the alternative coins (altcoins) that showed the most growth. This growth helped keep the total market capitalization of these cryptocurrencies above $3.5 trillion, even though there was a minor drop of 2% in the past day.
The daily trading volume for cryptocurrencies amounted to an impressive $156 billion. Bitcoin, in particular, held around 54.5% of the market. Moreover, the Crypto Greed & Fear Index, which reflects overall sentiment, currently stands at 62, suggesting that investors remain optimistic and may be ready to take on more risk as markets potentially recover.
Bitcoin bull and mastermind of the MicroStrategy plan Michael Saylor shared his optimism.
There is no second-best Christmas gift.
— Michael Saylor⚡️ (@saylor) December 25, 2024
Previously, experts from QCP Capital have expressed their viewpoint on the market trends. They believe that over the coming weeks, there might be a surge in altcoins due to a shift in investment funds.
Bitcoin (BTC) is currently confined within a range, under the 100k mark, and past trends suggest that there could be increased volatility following the end of the quarter, after options expiry. However, if Bitcoin manages to surpass 100k, it might sustain this volatility, potentially igniting new momentum. Meanwhile, other cryptocurrencies (altcoins) may grab attention. If Bitcoin’s dominance falls below its current level of 58%, it could indicate a shift towards alternative coins, much like the rotation we saw last month when ETH/BTC rebounded from the 0.032 support.
QCP
On this occasion, tokens such as Move, Zec, and Big Green Back, along with standout performers, featured Fartcoin, the Solana-based Raydium, and Virtuals Protocol.
On the other end, top losers in the past 24 hours included Hyperliquid, Stellar and Celestia.
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2024-12-25 23:20