Bitcoin, Ethereum, Dogecoin Pause During Christmas as $93M Longs Liquidated: Analyst Expects BTC to Reach All-Time Highs in 2 Months Based on Key Indicator

Cryptocurrencies Experience Slight Dip on Christmas Eve
Major cryptocurrencies saw a slight decrease in value on Christmas Eve. This is likely due to the expected decrease in trading volume during the holiday season.

According to CoinGlass data, the crypto market is experiencing trouble for long traders. In the last 24 hours, a significant amount of longs were liquidated, totaling $93 million, with Bitcoin longs accounting for $24 million and ETH adding up over $11 million. In total, 65,608 traders were liquidated, resulting in $145.97 million of liquidations. The largest single liquidation order was on Bitmex, with an XBT-USD value of $6.15 million.

On a positive note, SOL holders have reason to celebrate this Christmas, as Solana’s native token SOL has surpassed the $100 mark. This price level has not been seen since the collapse of Luna-Terra a year and a half ago. At the time of writing, SOL is valued at $112 a coin, marking a tenfold increase in value in 2023 and a surge of more than 1027% in 2023 alone.

The global crypto market cap currently stands at $1.66 trillion, marking a 0.43% decrease in the last 24 hours.

In other news, the S&P 500 climbed on Friday following cooler inflation data, resulting in eight consecutive weeks of gains for the major averages. The U.S. stock market will remain closed on Monday in observance of Christmas.

Looking ahead, cryptocurrency expert Michael Van de Poppe has noted that the Bitcoin Yield chart has encountered an inverse trend and the technical indicators indicate a bearish trend. However, pseudonymous crypto analyst TechDev believes that Bitcoin’s bullish trend may indicate that new all-time highs are just around the corner.

On-chain analytics firm Sentiment reports that as markets head into the Christmas break, some coins have experienced negative sentiment, including $STORJ, $ILV, $LTC, and $DYDX. According to the firm, assets with the most FUD in the past have a high likelihood of price bounces.

The historic surge of cryptocurrencies in recent years has caught the attention of investors and the general public alike. These digital assets have revolutionized the financial industry, offering new opportunities for investment and trading. As the industry continues to evolve, it is important for investors to stay informed about the latest trends and developments.

At the time of writing, SOL is valued at $112 a coin, marking a tenfold increase in value in 2023 and a surge of more than 1027% in 2023 alone. As the year comes to a close, the future of the cryptocurrency market remains uncertain, but many are hopeful for continued growth and opportunities in the new year.

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