Bitcoin Prices Go Quiet as Festive Traders Lower Santa Rally Expectations

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By Tradingview

“Are you not entertained?” - Bitcoin, probably, after it pulled a massive 43% rise since Election Day.

Bitcoin prices BTCUSD were off to a slow start Thursday morning as crypto bros weren’t feeling the Santa rally vibe. In all fairness, Christmas came early to crypto markets but instead of a Santa rally, the market got a Trump pump. Since November 5, Election Day, the price of Bitcoin has added a monster 43% to its valuation, or nearly $600 billion in new money flowing into the coin’s market capitalization.
In this light, do crypto markets even need a Santa rally? Some traders are saying it’s better if digital assets hold on to their year-to-date gains and cement them heading into the new year. A possible alternative is for crypto tokens to keep pumping and churn out some frothy gains that could easily lose their mojo at the first sight of danger. To this end, the broader crypto market was down about 1% today, sitting at $3.4 trillion.
Bitcoin was trading at $98,000 a piece earlier, virtually flat on the day and flaunting a valuation of $1.95 trillion. Ethereum, the second-largest coin was down roughly 2% and changing hands at $3,420 per token. Solana, an Ethereum rival with beefier speeds and more capacity for transaction volumes, was going for about $193 a pop, down 3% on the day. And Dogecoin, the iconic meme token, was down 3% to trade at $0.32.

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