Today is December 24, 2024, Tuesday. Bitcoin dipped to around 92520 last night, which is close to the low point from two days ago, where it reached a low of 92232. Currently, the market trend's highs are getting lower, but so far, the lows have not been broken. The U.S. stock market has closed early for Christmas, and normally, liquidity will be very low during this period. Typically, Bitcoin will experience a sideways market, while Ethereum and altcoins may have rebound opportunities. However, due to the lack of liquidity, there is also a possibility that the Asian market leaders will manipulate the market with relatively small amounts of funds to trigger liquidations. Bitcoin should continue to focus on the 92000 support level. If it breaks below, it may experience an accelerated downward movement. If downward acceleration occurs, it could present a great buying opportunity, likely a golden pit, but ultimately it will rebound.
The recent trend of Bitcoin is relatively weak. Last night, Bitcoin continued to decline, but altcoins have basically stopped following Bitcoin, which is a good thing. If Bitcoin can move within the range of 92000-95000 in a sideways manner, that would be best, as it has risen too much before and is currently unable to move higher. Many funds may choose to transfer to other cryptocurrencies, such as Ethereum, SOL, and other popular mainstream public chains.
Ethereum's current trend is gradually strengthening. Last night, Bitcoin's decline did not affect Ethereum too much, compared to the previous two days, the market has hardened considerably. Last night, it pulled back from a high of around 3350 USD, with the lowest point pulling back to around 3260 USD and not going lower. It then began to rebound slowly, reaching a high of 3466. Compared to Bitcoin, Ethereum's low is gradually rising, with a key position at 3560 USD. I believe that to break through, it needs to stabilize above 3450 USD for a chance to continue rising. If it continues to pull back in the short term and can stabilize above 3300 USD, the upward trend will be maintained.
From the current market dynamics, the performance of altcoins is gradually breaking free from the dominant influence of Bitcoin. I believe this phenomenon is related not only to the current market environment but can also be observed from the data. According to the latest market capitalization data, Bitcoin's market cap share is 56.3%, Ethereum's market cap share is 12.4%, while other altcoins have reached a market cap share of 31.4%. Although Bitcoin still occupies a dominant position, the share of Ethereum and other altcoins is clearly rising.
This also indicates that market funds are gradually shifting towards these altcoin markets. This explains why altcoins have been showing a gradually strengthening trend recently and are not completely following Bitcoin's rhythm. Although this may currently appear to be a short-term independent performance, if funds can continue to flow in, altcoins may truly enter a phase of explosive growth.
Finally, the market has not yet started a major explosion. It is expected to begin at the latest in January next year. Of course, there may also be a rise at the end of December. Just be patient and hold onto your spot in the spot market. After enduring the bear market for so long, everyone has made it through, so we don’t mind these additional ten days or half a month. Maintaining a stable mindset is the most important thing!
Additionally, Biden will officially resign as President of the United States at noon on January 20 next year, transferring presidential power to Trump. Trump's current assistants have already started preparing cryptocurrency-related policies. Once Trump officially takes office, it will be the time when cryptocurrencies take off across the board, so there isn’t much time left for everyone to get on board! Cherish it!
This concludes today's article. See you next time!
Investment carries risks. The above content is a personal sharing and does not constitute investment advice!