Crypto Price Analysis 12-27 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, RIPPLE: XRP, UNISWAP: UNI, INJECTIVE: INJ
Bitcoin (BTC) fell further on Boxing Day, plummeting from $98,000 to a low of $95,214, failing to reclaim $100,000 over the holiday period. The cryptocurrency is down just over 2% over the past 24 hours, trading around the $96,100 mark with sellers firmly in control. BTCs downside comes despite low trading volume over the Christmas holidays, with traders wondering if the markets will see the traditional year-end rally this year.
Almost all cryptocurrencies were in the red on Boxing Day as bearish sentiment dominated the market. Ethereum (ETH) is down nearly 2%, continuing its slide towards $3,000. Meanwhile, Ripple (XRP) is down just over 4%, and Solana (SOL) is down by 3.21%. Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Toncoin (TON), Hedera (HBAR), Stellar (XLM), and Polkadot (DOT) also reported significant losses.
2024 Was The Year Of Crypto
Crypto got pretty much everything it wanted in 2024. Once relegated to the fringes, digital assets are now part of the mainstream and can be traded and owned by regular Americans. Wall Street and major financial institutions are hailing crypto as a wise investment, with the incoming Trump administration promising legislative support to the industry. Cryptos growing acceptance has led to significant gains for investors. Bitcoin (BTC) holders have reported gains of over 120% since the beginning of the year as the worlds largest cryptocurrency broke past the $100,000 barrier following Donald Trumps election victory.
Analysts and enthusiasts dont see the crypto rally ending anytime soon, with Bitwise Chief Investment Officer Matt Hougan expecting BTC to cross $200,000 before the end of 2025. BlackRock CEO Larry Fink, who once called himself a proud skeptic of Bitcoin, has now become one of its biggest advocates.
I was a proud skeptic, and I studied it, learned about it, and came away saying, 'OK, you know, my opinion [for] five years was wrong. We believe bitcoin is an asset class in itself; it is an alternative to other commodities like gold.
BlackRock and other prominent money managers, including Franklin Templeton and Fidelity Investments, launched spot Bitcoin ETFs, allowing everyday traders to gain exposure to BTC without owning the asset. BlackRocks IBIT ETF became the fastest-growing ETF in history, and 11 other ETFs amassed over $100 billion in assets under management. Robbie Mitchnick, BlackRocks Head of Digital Assets, stated,
You had folks who would have been allocating to Bitcoin, but because there was no traditionally trusted, easy, efficient way to do it for their circumstances, they weren't in it. And then the ETFs changed that.
What The Crypto Industry Wants From Trump
The crypto industry put its full weight behind Donald Trumps election campaign. Now, it is readying a list of demands for the incoming administration. The crypto industry faced a significant lack of clarity from federal regulators, leaving it frustrated. The frustration increased thanks to the Biden administrations stance against crypto. The outgoing administration took a hawkish stance against crypto and went after industry giants, including Coinbase and Ripple, accusing them of selling unregistered securities.
However, President-elect Donald Trump, who once blasted crypto and called it a scam, fully embraced it on the campaign trail and became one of the first presidential candidates to accept digital assets. Kristin Smith, the CEO of the Blockchain Association, stated,
With a bipartisan, pro-crypto Congress and pro-crypto president next year, the pieces are in place to get smart policy including stablecoin and market structure legislation across the finish line that will shape the American crypto industry for years to come. Looking ahead to 2025, the industry must work together on these policy solutions, presenting a cohesive vision to our leaders in Washington. Political power is fleeting, so we must take advantage of this moment to ensure crypto has a bright future ahead in the United States.
South Korea Imposes Sanctions Against North Koreans For Crypto Heist
North Korean hackers are on the radars of governments, blaming them for significant crypto heists in 2024. Hackers associated with the infamous Lazarus Group are suspected to be behind some of the biggest cyber hacks in Web3 and crypto, including the $600 million Ronin hack. South Korea has become the latest country to impose sanctions on hacker groups from North Korea. It recently imposed sanctions against 15 North Korean IT organization members and one related group.
The sanctioned entities have allegedly procured funds for North Koreas nuclear missile development program and the DPRKs Munitions Industry Department. The 313th General Bureaus Kim Cheol-Min is among the sanctioned individuals who earned a significant amount of cryptocurrency while working undercover for United States and Canadian companies before delivering the stolen funds to North Koreas nuclear weapons program.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC)s post-Christmas rally looks all but snuffed out after the cryptocurrency declined swiftly, failing to retake the $100,000 mark. As a result, BTC plummeted to a low of $95,171 before staging a marginal recovery and moving to its current level. The crypto market has seen very low trading volumes over the Christmas period. We must also remember that BTC has more than doubled year-to-date. However, the declines over the past week could indicate that the tailwind of lower interest rates could have become a headwind. Additionally, markets were also spooked by an inaccurate chart, which sent traders into a frenzy and a mini selloff.
BTC is trading between $95,000 as it looks to build momentum and prevent a further decline. BTC set a new all-time high on Tuesday as it rallied to $108,268 before registering a marginal decline and settling at $106,142. BTC lost momentum after surging above $108,000, declining considerably on Wednesday, dropping almost 6% to $100,195. Bearish sentiment persisted on Thursday as BTC dropped by 2.49%, going below the 20-day SMA and $100,000 to settle at $97,703. Selling pressure intensified considerably on Friday as BTC dropped to an intraday low of $92,072. However, it recovered from this level to register a marginal recovery and settle at $98,124.
Source: TradingView
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
Ethereum (ETH) is struggling to reclaim $3,500 after facing a significant drop on Boxing Day. ETH lost momentum after reaching $4,100 last Monday and dropped by 2.33%, slipping below $4,000 on Tuesday. Bearish sentiment intensified on Wednesday as ETH dipped below the 20-day SMA after falling almost 7% and settling at $3,625. Buyers attempted a recovery on Thursday as ETH rose to $3,762. However, it lost momentum after reaching this level and dropped almost 6% to $3,415. Sellers dragged ETH to an intraday low of $3,096 on Friday. However, ETH recovered from this level to register an increase of 1.62% and settle at $3,470.
Source: TradingView
Unfortunately, the weekend saw ETH back in the red as it dropped almost 4% on Saturday to go below the 50-day SMA and settle at $3,337. Sellers retained control on Sunday as ETH dropped nearly 2% and settled at $3,279. ETH started the current week positively, rising 4.27% and moving to $3,419. Buyers retained control on Tuesday as ETH crossed the 50-day SMA and settled at $3,491, close to the $3,500 resistance. With sellers active at this level, ETH could only register a marginal increase on Wednesday. Sellers took control on Thursday as ETH plummeted almost 5% after failing to go above $3,500 and settled at $3,333. The current session sees ETH marginally up as buyers and sellers struggle to establish control.
If sellers continue to control the session, ETH could drop to $3,200. If this level is breached it could decline to $3,000 before recovering. On the other hand, if buyers retake control, ETH could attempt to reclaim the $3,500 level.
Solana (SOL) Price Analysis
Solana (SOL) attempted to go above the 20-day SMA last week, rising to an intraday high of $228 before settling at $223 on Tuesday. However, sentiment changed on Wednesday as SOL dropped below the 50-day SMA, falling 7.50% to $206. Sellers drove SOL below $200 on Thursday, falling to $193 after a drop of just over 6%. Friday saw SOL experience significant volatility as buyers and sellers struggled to establish control. As a result, SOL dropped to an intraday low of $175 and rose to an intraday high of $199 before settling at $194.
Source: TradingView
Sellers were back in control on Saturday as SOL dropped almost 7% and settled at $181. The price remained in the red on Sunday dropping marginally to $180. The current week began with SOL registering an increase of 5.30% and moving to $189. SOL registered an increase of almost 4% on Tuesday as buyers attempted to reclaim the $200 level. However, with sellers active at this level, SOL could only register a marginal increase on Wednesday before registering a drop of 4.56% on Thursday to settle at $188. The current session sees SOL up almost 1% and trading around $189.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has struggled to reverse bearish sentiment since reaching an intraday high of $0.467 on December 8. After dropping below the 20-day SMA, sellers drove DOGE below the 50-day SMA last week, as it fell over 12% on Thursday and settled at $0.317. Selling pressure intensified considerably on Friday as DOGE dropped to a low of $0.262. However, it recovered from this level to register a marginal increase and settle at $0.317. Buyers attempted a recovery on Friday as DOGE rose to an intraday high of $0.350. However, they lost momentum after reaching this level, and DOGE dropped to $0.319, registering only a marginal increase. However, DOGE was back in the red on Sunday, falling 2.47% to $0.310, ending the weekend on a bearish note.
Source: TradingView
The current week began with DOGE registering an increase of 4.20% to settle at $0.325. Buyers retained control on Tuesday as DOGE rose almost 4% to $0.337. However, sellers retook control on Wednesday, and DOGE dropped just over 1% to $0.333. Selling pressure intensified on Thursday as the price fell over 6% to $0.312. The current session sees DOGE marginally up and trading around $0.315.
Ripple (XRP) Price Analysis
Ripple (XRP) is struggling to go above the 20-day SMA, which is acting like a dynamic resistance level. XRP fell below the 20-day SMA on Wednesday after dropping over 10% and settling at $2.30. Buyers attempted a recovery on Thursday but were unsuccessful as sellers drove the price down to $2.23. XRP fell to an intraday low of $1.95 on Friday as selling pressure intensified. However, it recovered from this level to register an increase of almost 2% and settled at $2.27. Sellers were back in control over the weekend as XRP dropped 1.85% on Saturday and 1.58% on Sunday to settle at $2.20.
Source: TradingView
XRP was back in positive territory on Monday, rising almost 3% and settling at $2.25. XRP remained in the green on Tuesday, rising nearly 3% and settling at $2.32. However, it could not move past the 20-day SMA and fell by 1.15% on Wednesday to settle at $2.29. Selling pressure intensified on Thursday as XRP dropped over 6% and settled at $2.15. The current session sees XRP marginally up and trading around the $2.16 mark.
Uniswap (UNI) Price Analysis
Uniswap (UNI) dipped below the 20-day SMA on Wednesday after dropping almost 9% to settle at $14.80. Selling pressure increased substantially on Thursday as UNI dropped just over 14% to $12.72 before falling to an intraday low of $11.21 on Friday. However, UNI recovered from this level to register an increase of 7.51% and settle at $13.67. UNI attempted to move to $15 on Saturday as it rose to an intraday high of $14.77. However, it lost momentum after reaching this level and settled at $13.39, dropping just over 2%.
Source: TradingView
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
Injective (INJ) fell below a key support level on Wednesday after registering a drop of almost 9% and settling at $24.47. Selling pressure persisted on Thursday as the price fell below the 200-day SMA, dropping nearly 11% to $21.81. Sellers drove the price to an intraday low of $18.49 on Friday. However, INJ recovered from this level to register an increase of 1.42% and settle at $22.12. INJ attempted to go above the 200-day SMA on Saturday as it reached an intraday high of $23.53. However, it lost momentum after reaching this level, dropping almost 8% to $20.44. Sunday saw INJ register a marginal decline as it fell to $20.37.
Source: TradingView
INJ started the current week positively as buyers returned to the market. As a result, it rose 13.31% to go above the 200-day SMA and settle at $23.08. Buyers retained control on Tuesday, with the price increasing 0.98% to $32.31. However, sellers retook control on Wednesday as INJ dropped by 3.22% to $22.56. The price slipped below the 200-day SMA on Thursday after falling 6.19% and settling at $21.16. The current session sees INJ up just over 4% as buyers look to push it above the 200-day SMA.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
