The Santa Claus rally occurred in the cryptocurrency industry as some large altcoins saw double-digit gains.
Pudgy Penguins (PENGU), the recently dropped token, rose 40% on December 24, reaching a market cap of $2.26 billion. This gathering happened after Data showed NFT sales jumped 40% in the past 24 hours to $1.38 million. It also rose after a large whale continued to accumulate more PENGU tokens.
Jasmi Quinn (JASMY), known as the Japanese currency Bitcoin, rose for the third day in a row, reaching its highest level since December 8. This recovery occurred even after the great whale. Move Jasmy tokens worth over $1.4 million to Coinbase. Cryptocurrency holders transfer coins to an exchange as a first approach towards liquidation.
On the positive side, data shows that more investors are moving their tokens off exchanges. JASMY tokens on exchanges fell by 1.97% on December 24 to 16.74 billion. Exchanges had over 17 billion JASMY tokens a week ago.
iota (corn) was another high-performing coin on Christmas Eve as it jumped for the third day in a row. This gathering came after community members completed voting in favor Fox's suggestion.
98% of IOTA token holders voted in favor as the upgrade will offer more features such as staking, transfer-based smart contracts, and fast transaction speeds. IOTA hopes to become a major player in the blockchain industry, where it will compete with the likes of Ethereum and Solana.
Algorand (Something), Hedera Hashgraph, Virtuals Protocol and Curve DAO Token were other top-performing cryptocurrencies.
These tokens rose as Bitcoin held steady and moved above the resistance at $97,000. Historically, most altcoins do well when Bitcoin rises. The rally also occurs due to the concept of a Santa Claus rally, where assets rise a few days before Christmas. This rally also occurred in the stock industry as the Dow Jones, Nasdaq 100 and S&P 500 indexes jumped.
However, there is still a risk that the ongoing recovery will be a move Dead cat bounces. A DCB, also known as a bull trap, is a temporary spike that occurs when an asset is in a strong downtrend. Therefore, the uptrend for Bitcoin and most altcoins will mostly be confirmed when they rise above their December highs.
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