The crypto price chart reflected more gains than losses on Monday. Over the last 24 hours, Bitcoin rose in price by 0.77 percent. At the time of writing, BTC was trading at $88,820. Despite the minor profits, the average price of the most expensive crypto asset still shows losses of 2.04 percent over the last seven days.
Bitcoin shows stability
Analysts told Coin Headlines, that Bitcoin’s expected stability around $88,500 can be credited to the long positions building on expectations of a potential ‘Santa Rally.’ In traditional markets, the Santa rally refers to a rise in stock market prices, especially during the last five trading days of December – extending to the first two days of trading. Historic data suggests that the S&P 500 gains up to 1.3 percent during this period.
“For a sustained upside move, Bitcoin needs to clear liquidity above the $90,000 mark, until which Bitcoin remains vulnerable to further consolidation. With key U.S. macro data, including GDP and jobless claims, due this week, supportive readings could help BTC establish strength above $90,000, while $85,000 continues to act as a solid support base,” said Akshat Siddhant, Lead Quant Analyst, Mudrex.
Eth surpasses critical threshold
Ether is also trading at $3,027 – surpassing the $3,000 threshold for the first time in weeks. The asset registered a gain of under one percent over the last day and on a seven-day price average, ETH’s value remains at a loss of one percent. Market commentators said Ethereum’s ability to hold above the $3,000 level further reflects underlying bullish sentiment across the market.
Six out of the top ten crypto assets including BNB, Solana, Tron, and Dogecoin roped-in gains over the weekend, indicating a positive sentiment simmering among investors. Chainlink, Monero, Hyperliquid, Stellar, Litecoin, and Avalanche are other altcoins trading in small gains.
Market shows signs of recovery
After briefly falling down from the $3 trillion market cap this month, the market reclaimed the valuation mark on Monday. Having logged a gain of one percent over the last day, the crypto market cap presently sits at $3.01 trillion, data by CoinMarketCap showed.
Assets that registered losses of under one percent include XRP, Cardano, Bitcoin Cash, Leo, Zcash, Shiba Inu, Uniswap, and Mantle among others. The Canton token dipped by 20.70 percent to trade at $0.09000 – despite which its seven-day price average remains in the greens reflecting a 21.81 percent price hike.
Speaking to Coin Headlines, Unocoin co-founder and CEO Sathvik Vishwanath, said that the movements of the crypto markets towards profits cannot be attributed to any one single factor. However, a string of small but key developments could be playing a vital role in propagating confidence among investors.
“Crypto markets saw key developments across regulation, security, and price action. In a major regulatory shift, U.S. federal bank regulators approved banks to legally buy, sell, and custody cryptocurrencies, signalling deeper institutional adoption. Meanwhile, Tether-linked firm Northern Data sold its Bitcoin mining unit amid complex financial ties and ongoing investigations,” Vishwanath highlighted. On the market front, Bitcoin is testing critical resistance near $89,000, he noted.
In the last 24 hours, $49.6 million and $48.6 million were pulled out of the BTC and ETH ecosystems, respectively. Data by CoinGlass says over 118,400 traders were liquidated in the last 24 hours with total liquidations hitting $195.29 million.