With only a few days left before the end of 2024, which has been a turbulent year for the cryptocurrency market, Bitcoin has experienced a sharp decline. Altcoins showed a significant decline, losing the gains they made in the bull run that started in November with the decline of BTC. The retreat in cryptocurrencies increased panic selling and triggered price collapses. As the upward momentum at the beginning of December dissipated, buyers began to lose dominance. However, while rapid declines reduced expectations for the Santa Claus rally expected at the end of the year, the decline in altcoins created a new buying opportunity.
How will Bitcoin perform at Christmas?
Unable to maintain its upward momentum in the first half of December, Bitcoin lost the support of $ 100 thousand and fell to $ 94 thousand. Looking at past Christmas seasons, BTC generally remained in an upward trend during these seasons, increasing in price between 1 percent and 13 percent on average. However, this increase did not occur at the end of each year and BTC decreased during the Christmas season (2017).
With the latest pullbacks since the beginning of the week, expectations for this year’s Christmas rally have weakened. Altcoins continue to decline amid increased speculation amid market volatility. However, the market is expected to remain calm as the Christmas and New Year holidays approach. Although it remains unclear how long the decline in cryptocurrencies will last, the sharp declines in altcoins were considered as a new buying opportunity.
Aave (AAV) altcoin is in the focus of whales
Aave, which rose last week while altcoins fell with Trump’s crypto project, dropped 17 percent in the last 24 hours with the latest market correction. The coin, which suffered more than 21 weekly losses, fell to its lowest level in the last 2 weeks. The altcoin, currently traded at $287, was also one of the cryptos subject to whale movements.
Investors continue to save for the AAV coin, which shows high volatility on its technical chart. According to Lookonchain data, a crypto whale attracted attention by purchasing AAV worth $ 3.18 million. In addition, the coin, which attracted attention with the listing news, increased its visibility by being listed on LCX. It is thought that there is a strong possibility that the altcoin will rise above $ 300 with the general recovery in the crypto market.
Solana (SOL) buying activity increased
Solana (SOL), which fell below $ 200 with the recent collapse in the crypto market, became a coin preferred by investors to buy from the decline. The price of SOL coin, which attracts attention with increasing activity, is affected by sales throughout the market. At the same time, the Solana ecosystem, whose TVL rate has decreased, has decreased by 4 percent in the last 7 days. Additionally, technical charts show that selling pressure is increasing.
It is estimated that the altcoin, which is in the $ 180 region with these sharp declines, can recover after the current correction. On the technical chart, Bollinger Bands are moving in a widening channel and the money inflow index (CMF) is in the negative zone, indicating high selling pressure. According to CoinGlass data after the price crash, increased buying activity on crypto exchanges indicates accumulation for the next price rise.
Avalanche (AVAX) awareness is increasing
Avalanche stands on the verge of a significant upgrade amid the market crash. The Avalanche900 upgrade, which has been awaited for some time, was developed to make it easier to create decentralized applications (DApps). It will pave the way for the development of new projects by reducing the cost of deployment on test networks on the L1 blockchain.
It is estimated that this update will increase the effectiveness of Avalanche in the NFT market and increase the adoption rate in the medium term. AVAX, which has experienced positive developments with the upgrades, dropped 34 percent in the last week with the general market collapse and is trading at $ 33 at the time of writing this article.
Wall Street Invite (WEPE)
Sharp declines in altcoins made newly released cryptocurrencies more attractive. Wall Street Pepe, one of the new meme coin projects, was developed as a reaction to whale movements. The project, which supports small investors against whales dominating the market, aims to support the user with trading strategies thanks to the Trade Alfa feature it developed. Designed as a frog-themed crypto, taking advantage of the popularity of the meme coin Pepe, the project is also powered by the Wall Street legend, which is considered the first steps of the American stock market.
Wall Street Pepe, which aims to become one of the popular meme coins of the coming year with the growth in the meme coin ecosystem, has demonstrated strong growth in the pre-sale phase. The meme coin, which has amassed over $32 million in savings, leverages staking rewards to build a loyal community. The meme coin, which currently offers a 40 percent annual passive return, has allocated 12 percent of its aggregate supply to staking.
Visit Wall Street Pepe
Looking at the current WEPE price, the price of the meme coin, which can be purchased among coins with many zeros for 0.000365 dollars, will remain constant until the next price increase. WEPE, whose price will gradually increase with each new stage, has more advantageous prices for early purchase. It is possible to buy WEPE coin from the official website with card or crypto options.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and cryptoparahaber.com are not responsible for your profit or loss arising from the investments you make. Investment is ultimately based on many foundations such as knowledge, experience, research and personal decisions.
