- The market saw significant declines in the past week.
- There is still time in the year for the market to push for one last rally.
The Santa Claus rally, a seasonal market trend where prices historically rise in the last week of December, has become a hot topic in the crypto world.
As we approach the end of 2024, crypto investors are questioning whether this rally has already fizzled out or if it still has the potential to drive markets higher.
Current market overview
Bitcoin [BTC], the market leader, is currently trading at approximately $95,00, reflecting a less than 1% increase in the past 24 hours.
Ethereum [ETH] follows suit with a less than 1% increase, priced around $3,291. Solana [SOL] and Binance Coin [BNB] are also showing slight gains, with the overall crypto market capitalization hovering near $3.5 trillion.
Despite the minor pullback, trading volumes remain strong. Bitcoin’s dominance, now at 55.08%, underscores its pivotal role during this seasonal period.
Source: Coinglass
Furthermore, the Fear & Greed Index, currently at 70 (Greed), suggests market sentiment remains bullish, albeit cautiously.
Has the Santa Claus rally lost steam?
The Santa Claus rally has historically been linked to bullish sentiment, tax-driven buying, and increased retail participation. However, recent events have introduced volatility, including the expiration of over $2.6 billion in Bitcoin and Ethereum options.
This options expiry often creates price swings as traders adjust thei
Go to Source to See Full Article
Author: Adewale Olarinde
