Cryptocurrencies are still waiting for their ‘Santa Rally’

Dec 23, 2021

By: BI India Bureau

Bitcoin is currently at $48,481

The cryptocurrency is down by 1.5 percent in the last 24 hours

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According to analysts,

Bitcoin and other major altcoins are trying to end the year on a strong note

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Many investors are on-edge waiting for the so-called ‘Santa Rally’

A Christmas-boost in cryptocurrency prices to bring about some cheer

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For Bitcoin,

That means getting back above the psychological threshold of $50,000

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Ethereum is at $3,960

It reclaimed $4,000 briefly yesterday, but has tumbled by 2.1 percent in the last 24 hours

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Binance Coin is at $532.50

The bulls are trying to hold on to the $500 psychological support level

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Solana is also flat at $180

According to analysts, the selling pressure on the cryptocurrency seems to be thawing out

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Ripple’s XRP is just short being worth a full dollar

At $0.99, the cryptocurrency saw a 4 percent rise in the last 24 hours

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Cardano at $1.35 saw a similar rise

The cryptocurrency is up by 3.7 percent since yesterday

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Terra and Avalanche’s recent bull run seems to have lost its steam

These cryptocurrencies are currently trading in the red

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Terra is at $87.01

It’s down by 5.2 percent in the last 24 hours — a marginal dip compared to that 55 percent rally since till yesterday

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Avalanche is at $121.99

It’s down by 2.7 percent, also marginal compared to the 20 percent rally seen in the past week

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The meme coin Shiba Inu tried to break speed with a 10 percent surge last night

But, right now the cryptocurrency is trading at $0.000035, only 4.65 percent higher than yesterday

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Polkadot saw a similar surge

The cryptocurrency is currently trading at $27.97, up by 7.7 percent in the last 24 hours

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Decentralised exchange Uniswap launched a Polygon-version

This led to the cryptocurrency, MATIC, surging to an all-time-high of $2.7

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Polygon’s Matic is up by 7 percent as well

It’s currently trading at $2.66

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Disclaimer

These are top cryptocurrencies by volume according to CoinMarketCap | Prices updated as of December 23, 9:30 am IST and may change over the course of the day.

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Although FII flows have reversed, retail investor confidence remains low thanks to macro concerns