As the year-end approaches, the New York Stock Exchange has entered a "Santa Rally," while the cryptocurrency market continues to trade sideways. Some experts have recently analyzed that the Bitcoin (BTC) Santa Rally effect is weakening, making it difficult to expect a significant upward trend at the end of the year.
According to CoinMarketCap, a global cryptocurrency market monitoring site, as of 8:55 AM on the 23rd, BTC was trading at $88,495.58, down 0.12% from 24 hours earlier. Ethereum (ETH) rose 0.12% to $3,006.57. Binance Coin (BNB) fell 0.07% to $857.52, and XRP fell 1.05% to $1.902. Solana (SOL) was trading at $125.77, down 0.34%.
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The domestic market is showing a similar trend. On Bithumb, a domestic cryptocurrency exchange, BTC rose 0.22% from the previous day to 132,082,000 won. ETH is trading at 4,487,000 won, up 0.45%, and XRP is trading at 2,840 won, down 0.63%.
While the three major indices on the New York Stock Exchange all closed higher on the day, fueling expectations of a year-end Santa rally, the cryptocurrency market is showing signs of prolonged sideways trading. Some are suggesting that the Santa rally effect in the cryptocurrency market may not be as significant as in previous years.
Cryptocurrency analyst Ardi said, “Analyzing the BTC Santa Rally period over the past five years, we found that overall returns have gradually decreased and selling pressure has been dominant.” He added, “Except for the 34.5% surge in Bitcoin during the 2020 Santa Rally, returns in the year-end period have gradually weakened in recent years.”
Cryptocurrency investor sentiment remains at a state of "extreme fear." The fear and greed index from cryptocurrency data analysis firm Alternative.me rose five points from the previous day to 25. A reading closer to zero indicates a weakened investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Kim Jeong-woo
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