The cryptocurrency markets are influenced by the Holiday spirit and most of the large tokens are trading in positive territory as of December 25th, even though most of us would have expected tighter daily ranges. That’s not the case in 2020 as the wild year will continue until the last day. Bitcoin is trading near an all-time high and Ether is recovering some of the earlier losses, well-positioned for 2021 as CME wants to launch futures contracts next year.
Bitcoin buyers not backing down
Nothing seems to be stopping the Bitcoin buying frenzy as the token marches through new all-time highs. Trading at around $24,500 at the time of writing, it looks like the next key area to watch is $25,000, but it should be no surprise if an overshoot will take place.
A corrective structure was starting to shape since December 17th but now that Bitcoin broke above the December 17th high, we’re witnessing a continuation of the bullish move, with more gains possible in the near term. However, those actively trading during the Christmas holiday should be aware of potential reversals that might occur due to lower liquidity conditions.
Altcoins up but still underperforming BTC
Trading around $630, Ether is recovering from a dip towards $550. The price is below the December 17th high, a fact confirming market participants are more focused on Bitcoin. XRP is up close to 10% today, but the gains follow after a 50% dip during a few days. The SEC recently charged Ripple Labs with unregistered securities offering and that could have multiple consequences over the next few months, given it is one of the largest crypto companies in the market.
Stellar is up 20%, Chainlink 13.29%, and Cardano 16.76% daily, showing that the bullish sentiment is widespread during the 2020 Christmas holiday. Can these gains continue well into 2021? As the market participants get back in early January, we should expect to see them pricing new scenarios, in case there will be new major developments.
For now, the broader market seems to ignore the SEC Ripple charges, but since a major regulator decided to go after one of the big crypto players, this should be an indication that the massive crypto bull run is under the radar of public institutions. By targeting one of the big names in the industry, one of the consequences could turn out to be a diminishing crypto buying appetite, as other cryptocurrencies could follow. Until the market will start to care about it, we should enjoy Christmas and holidays with our families. The CryptoVevo team wishes you all the best!