The cryptocurrency market on December 25, 2024, recorded notable fluctuations, especially in leading coins such as Bitcoin, Ethereum, and Cardano (ADA).

Bitcoin price movements:

On Christmas Eve 🎄, Bitcoin surged, reaching a price of 98,703 USD, marking an increase of nearly 6% in just a few hours. This rise has led many experts to call it the "Christmas miracle." However, this upward momentum is not good news for short sellers, as around 61 million USD of short Bitcoin positions were liquidated in just the past 4 hours.

Currently, the price of Bitcoin is trading around 97,996 USD, up 3.82% from the previous day. The daily high reached 99,403 USD and the low was 93,723 USD.

Situation of other cryptocurrencies:

Ethereum (ETH): Trading at 3,487.77 USD, up 2.34% from the previous day. The daily high is 3,531.98 USD and the low is 3,384.25 USD.

BNB: Currently at 703.91 USD, up 2.05%. The daily high is 705.96 USD and the low is 681.84 USD.

XRP: Trading at 2.29 USD, up 1.78%. The daily high is 2.35 USD and the low is 2.22 USD.

Cardano (ADA): Currently at 0.919406 USD, up 1.59%. The daily high is 0.948222 USD and the low is 0.893001 USD.

Market analysis:

  • Investor sentiment: The strong recovery of Bitcoin on Christmas Eve has created an optimistic sentiment in the market. However, the liquidation of large short positions also indicates risks for cautious investors.

  • Liquidity: The trading volume of Bitcoin reached 46.2 billion USD, showing strong interest from investors.

  • Impact from monetary policy: The USD continues to appreciate thanks to high interest rate prospects in the US, which could affect investment flows into the cryptocurrency market.

Prediction:

  • If market sentiment remains optimistic and there are no negative factors from major economies, Bitcoin and other cryptocurrencies may continue to rise slightly in the coming days, aiming to reach 100,000 USD or higher.

  • On the contrary, if there are adjustments from economic factors or bad news, the market may witness a slight decline in price in the range of 90,000 USD to 95,000 USD for Bitcoin.