Cryptocurrencies, including Movement, Bitget Token and Zcash, celebrated massive gains as Santa’s gifts showed in significant price rallies on Dec. 25.
With Bitcoin (BTC) reclaiming some footing after trading to near $92,000 on Dec. 23, the gains to above $98k also cascaded to some altcoins.
Buoyed by various factors and catalysts, some alts recorded more than 30% spikes.
Among the top coins, Movement (MOVE), Bitget Token (BGB) and Zcash (ZEC) surged by more than 31%, 18% and 9% respectively.
The altcoins led the 100 largest cryptocurrencies by market cap. Gains for most altcoins saw the overall market cap hold above $3.5 trillion — despite a 2% dip in 24 hours.
Read more: Bitget Token soars as key indicators send a major warning
Crypto’s daily trading volume stood at $156 billion, BTC dominance at 54.5% and the crypto greed & fear index at 62. This latter metric points to overall sentiment remaining bullish amid a potential return to greater risk appetite.
Bitcoin bull and mastermind of the MicroStrategy plan Michael Saylor shared his optimism.
There is no second-best Christmas gift. pic.twitter.com/M5IP9PRyNt
— Michael Saylor⚡️ (@saylor) December 25, 2024
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Earlier, analysts at QCP Capital summed up the market outlook. According to them, the next few weeks could see altcoins rally amid capital rotation.
“BTC remains range-bound below 100k, and history shows we might see the typical quarter-end volatility selloff post-expiry. But if BTC breaks through 100k, volatility could hold firm and spark fresh momentum. Meanwhile, altcoins could steal the spotlight. With #BTC dominance at 58%, a drop below this level might confirm a rotation into alts — similar to what we saw last month with ETHBTC bouncing off 0.032 support.”
QCP
MOVE, ZEC, and BGB tokens, as well as other highlight performers on the day, included Fartcoin, Solana protocol Raydium, and Virtuals Protocol.
On the other end, top losers in the past 24 hours included Hyperliquid, Stellar and Celestia.
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