Even though it is just one day away from Christmas Eve, the cryptocurrency market is showing no signs of recovery, as Bitcoin, the main cryptocurrency asset, has failed to stay above $100,000.

Cryptocurrency prices continue to show a lackluster response from investors despite the approaching Christmas Eve – a period that has historically seen most crypto assets soar, hitting all-time highs and contributing to the festive mood.

Bitcoin (Bitcoin), which reached a new all-time high of over $108,000 just six days ago, has struggled to reclaim the $100,000 mark over the past three days. The major cryptocurrency fell 8.3% over the past week, trading at $95,904 per coin. High value coins in a similar weak condition have also been observed.

Ethereum (Ethereum) has increased by 15.6% over the past seven days, and is currently trading at $3,339. Meanwhile, XRPThe Ripple-related coin also saw a notable 7.8% decline over the same period, and is now trading at $2.2.

Meanwhile, the leading meme coin by market cap, Dogecoin (Doughas fallen by more than 21% in the past week, and its price is currently hovering around $0.316. In addition to Solana (Sol) fell below the $200 mark, falling 16% to the current price of $184.

The weekly crypto charts of other leading crypto assets are also full of red, with the broader market still down 14% from its all-time high of $3.9 trillion, which currently stands at $3.41 trillion, according to data from CoinGecko.

Looking at these charts, it appears that investors have chosen to take early profits on their investments before Christmas Eve.

Despite the significant sell-off over the past week, the cryptocurrency market may not surprise investors just yet. Historically, the post-Christmas gathering, often called the “Santa Claus Gathering,” brought festive cheer to traders.

According to CoinGecko a reportThis spike, which typically occurs between December 27 and January 2, has occurred 8 out of 10 times over the past decade, from 2014 to 2023. During these periods, the total market capitalization of cryptocurrencies recorded gains ranging from 0.69% to 11.87. % - providing a glimmer of hope amid the recent market decline.

However, this time, the chances of a post-Christmas rally largely depend on Bitcoin, which is currently determining the market direction. The decline over the past week was primarily driven by... BTC drops below the $100,000 markAs such, if the major cryptocurrency can regain this level this week, it could reignite investor confidence and pave the way for a broader market recovery.

Ditto I mentioned By crypto.news Bitcoin remains undervalued according to the MVRV-Z score, which currently falls below historical thresholds associated with overvaluation. This leaves room for recovery in the coming weeks.

Their market experts He pointed out repeatedly Corrections are normal during long Bitcoin rallies. Meanwhile, experts from VanEck Prognosis That Bitcoin will once again enter the price discovery phase after the recent correction and expects that BTC will reach $180,000 by the first quarter of 2025.

At press time, Bitcoin was down 1.1% over the past 24 hours, trading at $95,870 per coin.