The post 2024 Crypto Rally Is Over, With Trading Volume Down by 64% appeared on BitcoinEthereumNews.com.

This past week, the crypto market has seen massive volatility, while traders follow Michael Saylor’s advice to take a break. The metric, spotted by Santiment, suggests that the 2024 crypto rally has finished. According to the data, the trading volume dropped by 64% to seven-week lows compared to the previous week, which saw Bitcoin hit an all-time high. Source: Santiment This sharp decline, particularly in speculative altcoins, aligns with seasonal patterns, as year-end holidays and financial planning often reduce market activity. Despite this, whale activity remains a key factor to watch. Their strong accumulation trend suggests the potential for a surprise pump before the year ends, especially with retail traders largely disengaged. This dynamic underscores the influence of large investors in shaping short-term market movements. Santa has left crypto Earlier, MicroStrategy’s Michael Saylor urged the community to take a break during the holiday season. As Bitcoin enters a consolidation phase with reduced volatility, it appears to defy expectations of a traditional “Santa Rally.” XRP and DOGE, like many altcoins, continue to exhibit a strong correlation with Bitcoin, which may act as a limiting factor for their growth. On Dec. 19, the cryptocurrency market was hit by massive liquidations, which took away almost $800 million in traders’ positions. Almost 84% of them came from long positions. Despite ongoing whale accumulation and other positive fundamentals surrounding these assets, the lack of upward momentum from Bitcoin could prolong drawdowns for both coins. This highlights the interconnected nature of the crypto market, where Bitcoin’s movements often set the tone for broader trends. Source: https://u.today/2024-crypto-rally-is-over-with-trading-volume-down-by-64

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Filed under: News - @ December 28, 2024 2:21 pm