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Bitcoin, Ethereum, and Dogecoin Plunge After Christmas – A New Trend Emerges?
The cryptocurrency market has witnessed a drastic downturn in the prices of major assets such as Bitcoin, Ethereum, and Dogecoin following the festive week. This sudden plunge may raise questions about whether this is a new trend that will continue into the future or just an isolated event.
Historically, Bitcoin and other major altcoins have exhibited a pattern where they tend to see a Santa Claus rally in the days leading up to Christmas before relinquishing those gains in the following week. However, this year’s performance has defied expectations as the prices of these assets surged instead. The recent drop could be seen as a continuation or even an amplification of last year’s trend.
An analysis of exchange flows suggests that participants are increasingly wary, choosing to sit on the sidelines rather than take any significant actions in the market. This lack of activity has led to a dramatic price plunge, with Bitcoin shedding 5%, Ethereum losing 6%, and Dogecoin plummeting by nearly 9%.
The Open Interest (OI) trend also reveals that there is no enthusiasm in the market, as it meanders sideways instead of making any significant moves. The data suggests that traders could look for long entries as sentiment remains muted.
It remains to be seen whether this downturn will continue or if we’re witnessing a brief correction before another rally takes over.
Source: ambcrypto.com
