Market turns quiet as analysts reveal wild predictions
With the exception of a couple of festive altcoin rallies, all is quiet in the crypto market as traders take a break over Christmas.
In fact, Bitcoin volatility has sunk to a record low as the industry pauses to reflect on a year that saw euphoric highs above $50K, all the way down through cascading collapses of major crypto platforms, to finally find stability with Bitcoin at $17K and Ethereum at $1.2K. Reassuringly, these price levels continued to hold last week as the US stock market dipped on the release of economic data.
Disturbing the Christmas tranquility, Dash and Litecoin have been celebrating with 7% gains, closely followed by Cronos with 5%. Most altcoins, however, are experiencing a brief moment of stillness. That includes Uniswap, which is flat on the week despite news of a big partnership.
This Week’s Highlights
– Analysts reveal big predictions for 2023
– Litecoin leads market with 7% Christmas rally
Analysts reveal big predictions for 2023
As the crypto market prepares for the new year, analysts are predicting that 2023 could bring big changes.
Billionaire venture capitalist Tim Draper told CNBC last week that he still believes Bitcoin will reach $250K in the next year or two, while AJ Bell analyst Laith Khalaf said earlier in December that “Bitcoin could be $6,000 or $60,000 by the end of next year.”
Aside from the price action, Human Rights specialist Alex Gladstein expects “global adoption” to be “the number one story” next year as the efforts of Bitcoin entrepreneurs around the world bear fruit.
Litecoin leads market with 7% Christmas rally
Despite a short lived rally in the metaverse sector led by Axie Infinity, most major cryptoassets are having a restful Christmas break.
That is, with the exception of Litecoin. The silver to Bitcoin’s gold is up 7% this week, after being ranked the second-most active cryptoasset by Messari. This could suggest that it is being widely used to make cheap and quick transfers.
Following Litecoin, Dash has also added 7% in a festive rally.
Week ahead
As 2022 draws to a close, the anger and frustration of the bear market appears to have given way to calm acceptance, with Bitcoin continuing to hover at $17K.
At the same time, blockchain data shows that big investors are accumulating the cryptoasset.
These circumstances lead some commentators to believe that we should be ready for fireworks as the crypto market moves into the new year.