Crypto Price Analysis 12-27 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, RIPPLE: XRP, UNISWAP: UNI, INJECTIVE: INJ

As someone who has been closely following the cryptocurrency market for several years now, I must say that the past week has been a rollercoaster ride. The ups and downs of these digital assets are reminiscent of my own life’s journey – full of unexpected twists and turns, but always exciting!

On Boxing Day, Bitcoin (BTC) continued to drop, sliding from approximately $98,000 to a bottom of $95,214. It failed to regain the $100,000 mark during the holiday season. In the past 24 hours, BTC has dipped by more than 2%, currently trading near $96,100 as sellers hold the upper hand. The decline in BTC occurs even with reduced trading volume over the Christmas holidays, leaving traders speculating about whether the markets will experience the usual year-end rally this time around.

On Boxing Day, the majority of cryptocurrencies showed a decline as pessimistic feelings dominated the market. Ethereum (ETH) dropped by almost 2%, moving closer to $3,000. Simultaneously, Ripple (XRP) dipped more than 4%, and Solana (SOL) fell by 3.21%. Additionally, Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Toncoin (TON), Hedera (HBAR), Stellar (XLM), and Polkadot (DOT) all experienced substantial losses as well.

2024 Was The Year Of Crypto

2024 proved to be a breakthrough year for cryptocurrencies, moving them from the periphery into mainstream acceptance. Average citizens can now invest in and own digital assets, as they’ve become a recognized asset class by Wall Street and major financial institutions. The incoming Trump administration has even pledged to back the crypto industry legislatively. This newfound acceptance has led to substantial returns for investors. Holders of Bitcoin (BTC) have reported gains exceeding 120% since the start of the year, with the world’s largest cryptocurrency surpassing $100,000 after Donald Trump’s election victory.

Experts and supporters are not anticipating an immediate slowdown in the crypto market, as Bitwise Chief Investment Officer Matt Hougan predicts that Bitcoin could reach $200,000 by the end of 2025. Previously a skeptic, BlackRock CEO Larry Fink has now emerged as one of Bitcoin’s most vocal supporters.

Initially, I held a skeptical viewpoint towards it, but after extensive research and analysis, I found myself admitting that my perspective had been incorrect for the past five years. Now, I firmly believe that Bitcoin can be considered as a unique asset class, serving as an alternative to traditional commodities such as gold.

Major financial institutions like BlackRock, Franklin Templeton, and Fidelity Investments introduced Bitcoin Spot Exchange-Traded Funds (ETFs), enabling regular investors to access Bitcoin without directly owning the cryptocurrency. BlackRock’s IBIT ETF saw rapid growth, setting a record as the fastest-growing ETF ever, while 11 other ETFs collectively managed over $100 billion in assets. Robbie Mitchnick, head of digital assets at BlackRock, commented on this development.

Previously, some people might not have invested in Bitcoin due to a lack of traditional, straightforward, and efficient methods that suited their specific situations. However, with the introduction of ETFs (Exchange-Traded Funds), this barrier was removed, making it easier for them to participate in Bitcoin investments.

What The Crypto Industry Wants From Trump

As a researcher studying the digital currency sphere, I’ve noticed that our industry has consistently supported political campaigns, with Donald Trump’s being one notable example. Now, we are preparing a set of requests for the incoming administration to address our concerns. Our industry has been grappling with an alarming lack of regulatory clarity from federal bodies, leaving us disheartened and increasingly so due to the Biden administration’s stance against cryptocurrencies. The outgoing administration took a firm stance against crypto, even targeting major players like Coinbase and Ripple, alleging they were selling unregistered securities.

Contrarily, President-elect Donald Trump, who previously criticized cryptocurrencies as a fraudulent scheme, unexpectedly endorsed them during his election campaign, making him one of the pioneering presidential candidates to accept digital assets. Kristin Smith, the CEO of the Blockchain Association, commented on this shift, stating…

As an analyst, I find myself optimistically looking towards the prospect of a bipartisan, pro-crypto Congress and presidency next year. This alignment provides us with an opportune moment to enact smart policies that could significantly influence the American crypto industry for years to come. These policies might encompass stablecoin and market structure legislation, which are crucial for shaping our sector’s future.

South Korea Imposes Sanctions Against North Koreans For Crypto Heist

2024 saw North Korean cybercriminals being closely monitored by various governments due to their alleged involvement in major crypto thefts. The Lazarus Group, a notorious hacking entity, is believed to be responsible for some of the largest cyber attacks on Web3 and cryptocurrencies, including the $600 million Ronin heist. In response, South Korea has taken action by imposing sanctions on 15 North Korean IT organization members as well as one related group.

It’s been claimed that entities under international sanctions are suspected of obtaining funds, which were later used in North Korea’s nuclear missile development program and its Munitions Industry Department. One of the individuals on the sanction list, Kim Cheol-Min from the 313th General Bureau, is said to have made a large sum of cryptocurrency while working secretly for American and Canadian companies. Afterward, these funds were reportedly transferred to North Korea’s nuclear weapons program.

Bitcoin (BTC) Price Analysis

After Christmas, Bitcoin’s (BTC) surge towards $100,000 appears to have slowed significantly, with the cryptocurrency falling sharply and failing to regain that mark. Consequently, BTC dropped as low as $95,171 before recovering slightly, now resting at its current level. The crypto market experienced relatively low trading activity during the holiday season. It’s worth noting that Bitcoin has already more than doubled in value this year. However, recent drops suggest that the beneficial effects of lower interest rates may have turned into a hindrance. Moreover, panic was triggered when an incorrect chart was circulated, causing traders to sell off rapidly.

Bitcoin currently trades around $95,000, aiming to gather strength and avoid additional drops. On Tuesday, Bitcoin reached a new peak of $108,268 following a strong rally, but then saw a slight decrease and closed at $106,142. After surpassing $108,000, Bitcoin lost momentum and experienced a significant drop of nearly 6% on Wednesday, reaching $100,195. Negative expectations continued on Thursday as Bitcoin declined by 2.49%, falling below the 20-day moving average and $100,000 to close at $97,703. Selling pressure increased significantly on Friday, pushing Bitcoin down to an intraday low of $92,072. However, it managed to recover slightly from this level and finish the day at $98,124.

Sellers returned over the weekend as BTC dropped by 0.63% on Saturday and settled at $97,505. Sunday saw sellers tighten their grip on the market as the price dropped by 2.26% and settled at $95,303. BTC experienced volatility on Monday as buyers and sellers attempted to establish control. Sellers ultimately gained the upper hand as BTC registered a marginal drop and settled at $94,830. Buyers returned to the market on Tuesday, and BTC registered an increase of just over 4% and settled at $98,677. It attempted to go above $100,000 on Wednesday but could only reach $99,409, thanks to the 20-day SMA acting as resistance. As a result of growing selling pressure at $100,000, BTC dropped significantly on Thursday, dropping almost 4% to $95,561. The current session sees BTC marginally down as buyers struggle to build momentum. If sellers can push BTC below $95,000, it could drop to $92,000.

Ethereum (ETH) Price Analysis

On Boxing Day, Ethereum (ETH) experienced a substantial drop, causing it to have trouble regaining the $3,500 mark. After reaching $4,100 on Monday, ETH started losing steam and dropped by 2.33%, sinking below $4,000 on Tuesday. The negative sentiment grew stronger on Wednesday as ETH fell beneath its 20-day Simple Moving Average (SMA), losing nearly 7% to settle at $3,625. Buyers made an attempt to recoup losses on Thursday, pushing ETH up to $3,762. However, the momentum wasn’t sustained, and ETH dropped almost 6% to $3,415. On Friday, sellers drove ETH down to an intraday low of $3,096, but it managed to recover slightly, rising by 1.62% to close at $3,470.

Over the past weekend, ETH experienced a decline, dropping approximately 4% on Saturday to fall beneath its 50-day moving average and close at $3,337. Sellers continued their dominance on Sunday, causing ETH to drop an additional 2%, closing at $3,279. However, the new week began with a positive trend for ETH, increasing by 4.27% to reach $3,419. On Tuesday, buyers regained control as ETH climbed back over its 50-day moving average and closed at $3,491, close to the $3,500 resistance. With sellers active at this level, ETH saw only a minimal increase on Wednesday. On Thursday, sellers seized control once more after ETH failed to break through the $3,500 barrier, causing it to tumble nearly 5% and settle at $3,333. The current trading session finds ETH in a stalemate as both buyers and sellers struggle for dominance.

If sellers maintain their dominance, Ethereum (ETH) might slide down to approximately $3,200. Should this support level be broken, it may further dip to around $3,000 before potential recovery. Conversely, if buyers regain control, ETH could strive to re-establish the $3,500 mark.

Solana (SOL) Price Analysis

Last week, Solana (SOL) tried to surpass its 20-day Simple Moving Average (SMA), peaking at $228 during the day, but ended up at $223 on Tuesday. However, the mood shifted on Wednesday when SOL dipped below its 50-day SMA, causing a drop of 7.50% to $206. Sellers pushed SOL beneath the $200 mark on Thursday, reaching as low as $193 following a decline of more than 6%. On Friday, SOL saw significant fluctuations as buyers and sellers fought for control. This struggle led to SOL hitting a daily low of $175 and a high of $199 before settling at $194.

On Saturday, sellers regained dominance, causing Solana (SOL) to plummet nearly 7%, ending the day at $181. The downtrend continued on Sunday with a slight dip to $180. However, the new week started off positively for SOL, surging by 5.30% to reach $189. On Tuesday, buyers tried to reestablish the $200 level, pushing SOL up almost 4%. Yet, sellers were active at this level, preventing a significant rise. As a result, SOL only experienced minimal growth on Wednesday before plunging by 4.56% on Thursday, settling at $188. Currently, SOL is trading close to $189, having risen almost 1%.

Dogecoin (DOGE) Price Analysis

Over the past few days, I’ve noticed that my Dogecoin (DOGE) holdings have been grappling with a persistent bearish trend since it peaked at around $0.467 on December 8. After dipping beneath the 20-day Simple Moving Average (SMA), sellers managed to push DOGE below the 50-day SMA last week, causing it to plummet by over 12% on Thursday, settling at $0.317. The selling pressure escalated significantly on Friday, driving DOGE down to a low of $0.262. However, it managed to recover slightly from this level and ended the day with a minor increase, still holding at $0.317.

This week’s opening saw DOGE experiencing a 4.20% rise, ending at $0.325. On Tuesday, buyers held the upper hand with DOGE increasing nearly 4% to reach $0.337. However, sellers regained control on Wednesday, causing DOGE to decrease slightly by 1% to $0.333. The selling pressure became more pronounced on Thursday, leading to a drop of around 6% and setting the price at $0.312. At present, during this session, DOGE is showing a slight uptick and trading around $0.315.

Ripple (XRP) Price Analysis

Ripple (XRP) has been having a tough time breaking past its 20-day Simple Moving Average (SMA), which is serving as a barrier for upward movement. On Wednesday, XRP dipped below the 20-day SMA, losing more than 10% to reach $2.30. Attempts by buyers to recover on Thursday failed, with sellers pushing the price down to $2.23. The day saw an intraday low of $1.95 for XRP as selling pressure intensified. However, it managed to bounce back from that level, recording a nearly 2% increase and closing at $2.27 on Friday. Yet, sellers regained control over the weekend, causing XRP to drop by 1.85% on Saturday and 1.58% on Sunday, ending the weekend at $2.20.

On Monday, XRP regained positive momentum, climbing approximately 3% to reach $2.25. Tuesday saw further gains of nearly 3%, placing it at $2.32. Unfortunately, it failed to surpass its 20-day Simple Moving Average and dipped by 1.15% on Wednesday, settling at $2.29. The downward trend continued on Thursday as XRP experienced a significant drop of over 6%, closing the day at $2.15. As of now, XRP is slightly up and hovering around the $2.16 mark in the current trading session.

Uniswap (UNI) Price Analysis

On Wednesday, Uniswap (UNI) dipped beneath its 20-day Simple Moving Average, following a nearly 9% decline to close at $14.80. Intensified selling pressure pushed UNI down by more than 14% to $12.72 on Thursday, and it fell further to an intraday low of $11.21 on Friday. However, the token bounced back from this level, recording a 7.51% increase and ending at $13.67. On Saturday, UNI tried to reach $15 as it peaked at an intraday high of $14.77. Yet, it lost steam after reaching that level and finished the day at $13.39, dropping slightly over 2%.

Buyers returned to the market on Sunday as UNI ended the weekend positively, rising almost 4% and settling at $13.89. UNI registered an increase of 2.60% on Monday and moved to $14.25. Buyers retained control on Tuesday as UNI rose to $14.60. However, it was back in the red on Wednesday, dropping almost 5% to $13.89. Sellers attempted to drive UNI below the 50-day SMA on Thursday as it fell to an intraday low of $12.81 before recovering to settle at $13.24. The current session sees UNI up almost 7% and trading around $14.12.

Injective (INJ) Price Analysis

On Wednesday, the price of INJ dipped below an essential support point following a nearly 9% drop and closing at $24.47. The downward trend continued on Thursday when the price dropped another 11%, falling below its 200-day Simple Moving Average (SMA) to reach $21.81. The selling pressure drove INJ’s price to an intraday low of $18.49 on Friday. However, it managed to rebound from this level by increasing 1.42% and ending the day at $22.12. On Saturday, INJ tried to surpass its 200-day SMA, reaching an intraday high of $23.53. But after reaching this level, it lost momentum and dropped almost 8% to $20.44. Sunday saw a slight decrease in INJ’s price as it fell to $20.37.

To begin this analysis, I observed that INJ commenced the week on an optimistic note due to the influx of buyers. Consequently, the stock surged by 13.31%, surpassing the 200-day Simple Moving Average (SMA) and closing at $23.08. On Tuesday, buyers maintained control, causing a 0.98% increase to reach $32.31. However, sellers regained dominance on Wednesday, leading to a 3.22% drop in INJ’s price to $22.56. The stock then fell below the 200-day SMA on Thursday, losing 6.19% and ending the day at $21.16. As I analyze the current session, buyers are attempting to push INJ above the 200-day SMA once more, with a slight increase of over 4%.

2024-12-27 16:03