Bitcoin Ethereum, Dogecoin Trade Mixed Christmas As Solana Flips King Crypto On Short Liquidations: Analyst Says BTC 'Absolutely Primed' For Growth

Zinger Key Points
  • Cryptocurrency traders who bet on shorts didn't have a good day today.
  • Michael Van de Poppe said that, “total market capitalization for altcoins is finally breaking out of a range of 500+ days."

Major cryptocurrencies had a mixed trading day on Christmas. Cryptocurrency traders who bet on shorts didn’t have a good day today.

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD+0.71%$43,434
Ethereum ETH/USD-0.51%$2,267
Dogecoin DOGE/USD+1.41%$0.093

What Happened: According to CoinGlass data, over the last 24 hours over $80 million worth of shorts were liquidated with Solana, taking the first place in short liquidations.

A total of 56,997 traders were liquidated within this period, leading to a whopping $129.00 million in total liquidations. 

The largest single liquidation order occurred on Huobi where the value of SOL-USDT was $2.17M.

It is worth noting that CoinGlass’s heat map indicates that SOL short traders were the most affected with over $13 million in SOL shorts being liquidated. Interestingly, SOL has seen a tenfold increase in value since the year 2023, and at the time of this writing, it is valued at $120 per coin.

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)
Sats (CRYPTO: 1000SATS)+39.56%$0.00090
ORDI ORDI/USD+38.62%$77.34
The Sandbox SAND/USD+19.15%$0.65

The global crypto market cap has reached $1.69 trillion, marking a 0.55% increase in the last 24 hours.

The U.S. stock market was closed on Monday for Christmas.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe said, "total market capitalization for altcoins is finally breaking out of a range of 500+ days. Retest took place and found sufficient amount of support, which means that Q1 is likely bringing a 2x on the Altcoin market capitalization."

Bitcoin  is set to soar higher, according to analyst Credible Crypto, who believes that the current price point of around $43,500 makes it "absolutely primed" for growth. "It really does not get much better than this," one of the posts summarized. "Some final accumulation going on here before the push to 50k+ imo."

The latest data from LunarCrush reveals a dip in the Bitcoin Social Dominance score, indicating a drop of 26.84% in the last 24 hours. Additionally, the number of social interactions decreased by 1.79%, reaching 7.48 billion interactions.

Photo by Igor Faun on Shutterstock

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

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