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As Bitcoin enters a consolidation phase with reduced volatility, the crypto market has entered a period of relative calm, defying expectations of a traditional “Santa Rally.” This lack of upward momentum from the flagship cryptocurrency may prolong drawdowns for altcoins like XRP and DOGE.
The recent liquidations on December 19 resulted in a massive $800 million taken away from traders’ positions, with almost 84% of these being long positions. While ongoing whale accumulation and other positive fundamentals surrounding certain assets may have sparked optimism, the current market dynamics suggest that this sentiment will be tempered by Bitcoin’s inability to break above its recent highs.
It is essential to recognize the interconnected nature of the cryptocurrency market, where Bitcoin’s movements often set the tone for broader trends. In the absence of a decisive move from the flagship cryptocurrency, altcoins may struggle to gain traction and rally.
The 64% reduction in trading volume over the past year highlights the lack of momentum seen throughout the crypto markets.
Source: u.today
