Despite a recent slump in the cryptocurrency market and the absence of a traditional Santa Claus rally, on-chain data suggests a potential surge in prices in the coming days. Low trading volumes and whale accumulation, coupled with a growing stablecoin reserve on Binance, point towards a possible market resurgence in 2024.
The cryptocurrency market has been in a particularly painful slump for the past ten days or so and has failed to produce the much-anticipated Santa Claus rally.
Moreover, the trading volumes have slumped in the past week, which is quite expected given the Holiday season. That, though, could actually be the propeller of a price rally, according to data from Santiment. In the final days of 2024, trading volume is way down across crypto sectors. Overall, there has been -64% less trading in the past week compared to the previous week .Many large investors have been on a shopping spree lately for different assets, not just BTC. In fact, “speculative altcoins” are even more susceptible to price gains on such occasions, which could be beneficial for meme coins such as DOGE.
Cryptocurrency Bitcoin Altcoins Dogecoin Whale Accumulation
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