Bitcoin, Ethereum, Dogecoin Trade Muted Amid Holiday Lull: Analyst On What To Expect As New Year Approaches

Major coins were seen trading in the green on Monday evening as the global cryptocurrency market cap rose 0.4% to $812.5 billion at 7:15 p.m. EST.

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Why It Matters: The two largest cryptocurrencies — Bitcoin and Ethereum — saw gains below 1% on Monday evening. 

The cryptocurrencies followed U.S. stock futures which were in the green at the time of writing. 

Bitcoin's 24-hour trading volume was seen as 5.2% higher at $12.3 billion, while Ethereum’s intraday trading volume declined 14% to $3.4 billion at the time of writing. 

Cryptocurrency trader Michaël van de Poppe said, “I think that we'll be continuing the grind towards the upper levels as a new year is approaching.”

Won't be many macro-things coming week, as it's still holiday season.

Low volume, so watch out with high leverage.

I think that we'll be continuing the grind towards the upper levels as a new year is approaching.

Let's see!

— Michaël van de Poppe (@CryptoMichNL) December 26, 2022

The dollar index, a measure of the greenback’s strength against a basket of six currencies, is poised to make a “big move” in the coming weeks, according to Justin Bennett. 

Risk assets typically move inversely to the Index. Bennett pointed out that the DXY has “carved a triangle pattern in December” with support near 104 and resistance at 104.50.

“The index is approaching the apex of this terminal pattern, which means it must make a move later this week,” Bennett said in a blog post. At the time of writing the index was seen at 104.33.

The $DXY is poised for a big move in the coming weeks.

Check out today's blog post below for all the details. #DXY #forexhttps://t.co/fM5Zl6oG04

— Justin Bennett (@JustinBennettFX) December 26, 2022

Chartist Ali Martinez pointed out that large transactions on the Bitcoin network with a value greater than $100,000 have hit a new yearly low of 8,040.

“This indicates low whales and institutional investors activity around on the [BTC] network.”

#Bitcoin | The number of large transactions on the $BTC network with a value greater than $100,000 just hit a new yearly low of 8,040 transactions.

This indicates low whales and institutional investors' activity around on the #BTC network. pic.twitter.com/KCDs9gTuS6

— Ali (@ali_charts) December 26, 2022

Meanwhile, a strong winter storm, which swept across North America, caused Bitcoin miners to be shut down throughout the country. Bitcoin mining hash rate fell by 100 exahashes per second to 156 EH/s — a decline of 40%.

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