Bitcoin (BTC) and Ethereum (ETH) Plummet as the Crypto Market Experiences a Cooling Period in the Holiday Season

The crypto market is experiencing a cooling period today with the holiday season in full swing. Bitcoin (BTC) and Ethereum (ETH) have plummeted, with BTC falling below $95K and ETH falling to $3300.

After a record-breaking rally that saw Bitcoin (BTC) reach all-time highs above $94,000, the cryptocurrency market experienced a cooling period on Monday as the holiday season reached its peak.

Both Bitcoin (BTC) and Ethereum (ETH) prices declined, with BTC falling below the $95,000 mark and ETH trading at $3,300. Bitcoin reached a low of $94,000 over a month ago and has since traded between $94,000 and $108,000.

Top altcoins, on the other hand, showed bearish momentum, with most coins experiencing a decline of 1% to 5% in the last 24 hours. The total market capitalization also decreased by about 2%, reaching $3.28 trillion.

Holiday spirit weighs on Bitcoin

There was a significant 34% drop in trading volume as many traders were in a holiday mood and enjoying the last days of 2024. Market activity is expected to pick up after the first week of January, when trading volume will likely return to normal levels. The Fear and Greed Index is currently at 51, indicating a neutral sentiment in the market. Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) experienced noticeable declines, reflecting the overall downturn in the market. The holiday season slowdown continues to impact trading volumes and prices.

Bitcoin (BTC) traded at $94,327, showing a slight decrease of nearly 2% in the last 24 hours. The 24-hour low and high were $93,440 and $97,429, respectively. According to SoSo Value, BTC ETFs saw an outflow of $367 million on Friday, with Fidelity accounting for $208 million of that outflow. Ark & 21Shares reported a $112 million outflow, while data from BlackRock is still pending.

Ethereum, XRP, SOL, and the meme coin market today

Ethereum (ETH) price declined by about 1% to reach $3,329, with a 24-hour low of $3,307 and a high of $3,441. The ETH ETF saw an inflow of $27 million yesterday as Fidelity purchased ETH to the tune of $27 million. XRP's price was trading at $2.144 at the time of writing, showing a decrease of about 2%. The 24-hour low and high were $2.126 and $2.234, respectively. Pro-XRP lawyer John Deaton criticized a newly finalized crypto tax reporting rule issued by the Biden administration. Solana (SOL) price fell by 2% to trade at $184. Its 24-hour low and high were $183 and $194, respectively.

The meme cryptocurrency market is following the pattern of top altcoins today. Dogecoin (DOGE) is trading down 1% at $0.3142, while Shiba Inu (SHIB) is down just half a percent in the last 24 hours. BONK, on the other hand, jumped 4% as the “BURNmas” event contributed to the burning of more than 1 trillion coins.

What were the winning altcoins today?

Virtual Protocol (VIRTUAL) was among the top gaining altcoins today, with its price rising 15% in the last 24 hours. The 24-hour low and high prices were $3.05 and $3.58, respectively. Bitget Token (BGB) price increased by 9% in the last 24 hours to trade at $8.36. The increase in price is mainly due to Bitget’s announcement of plans to burn $800 million worth of tokens in the future. This development is impacting the crypto market today, creating positive momentum for Bitget Token.

Finally, Stepn's native token GMT is making waves in the cryptocurrency world with its impressive performance. On December 27, 2024, while the overall cryptocurrency market struggled to gain momentum, including Bitcoin (BTC), Ethereum (ETH), and XRP, GMT outperformed all major assets with a significant upward momentum of 55 percent.

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