Leading Cryptocurrencies Remained Rock Steady on Christmas Day, Retaining Advances Made the Day Before

What Happened: Bitcoin sailed to a one-week high of $99,800 during overnight trading, narrowly missing the crucial $100,000 milestone.

Bitcoin (CRYPTO: BTC) and other major cryptocurrencies saw limited price action on Christmas Day, largely retaining the advances made during the previous session.

Bitcoin sailed to a one-week high of $99,800 during overnight trading on the FTX exchange. The world's largest cryptocurrency narrowly missed out on the crucial $100,000 milestone. A day earlier, on Christmas Eve, Bitcoin hit a high of $98,000, defying days of downward price action.

What Happened: ETH prices saw a bumpy trajectory on Wednesday, wobbling between $3,440 and $3,510. Both Bitcoin and ETH trading volumes were down significantly.

Over $200 million was liquidated from the cryptocurrency market over the last 24 hours. Long liquidations accounted for $115 million.

Bitcoin's Open Interest rose marginally by 0.24% over the last 24 hours. According to the Long/Short Ratio, more traders placed downside bets on Bitcoin than those betting in favor of the cryptocurrency.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.43 trillion, following a decrease of 0.11% in the last 24 hours.

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Stock futures were largely unchanged on Wednesday overnight. The Dow Jones Industrial Average Futures were down or 0.06%, as of 8:30 p.m. ET. Meanwhile, futures tied to the S&P 500 gained 0.01%, while Nasdaq 100 Futures added 0.15%.

The stock market was closed for the Christmas holiday. However, the Japanese market opened higher, with the Nikkei 225 index gaining 0.44%, a day after a report said the country was compiling a record $735 billion budget for the next fiscal year.

Analyst Notes: Well-known cryptocurrency analyst and trader Ali Martinez deemed $97,300 the "most significant support" for Bitcoin, with over 1.5 million wallets accumulating around 1.49 million BTCs around the level.

"The most significant support level for #Bitcoin is at $97,300, where 1.51 million wallets bought around 1.49 million $BTC." pic.twitter.com/hDnBnhwMZw

Popular on-chain analytics firm Santiment revealed a positive crowd sentiment after Bitcoin's bullish Christmas rally, with many traders now anticipating the asset to hit $110,000 next.

"Historically, we will see $110K Bitcoin only after the crowd doesn’t expect it," Santiment cautioned.

"🧑‍🎄📈 Bitcoin has jumped to as high as $99.8K on a bullish Christmas crypto performance. Traders are now swinging bullish once again, with speculation of $110K getting rampant. Historically, we will see $110K Bitcoin only after the crowd doesn't expect it, as this image shows." pic.twitter.com/j4w3VQ4Zio