Bitcoin, Ethereum, Dogecoin Seek “Santa Claus” Rally: Veteran Trader Says Memecoin Is Circling “Mulberry Bush” – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Major coins traded lower Monday night as the global cryptocurrency market cap fell 2.2% to $792.8 billion as of 7:27 p.m. EST.

Price development of major coins
coin 24 hours 7 days Price
Bitcoin BTC/USD -1.8% -4.4% $16,456.07
ether ETH/USD -1.4% -8.4% $1,168.30
Dogecoins DOGE/USD -9% -21.5% $0.07
Top 24-hour Gainers (data from CoinMarketCap)
cryptocurrency 24-hour % change (+/-) Price
XDC network (XDC) +9.6% $0.03
ImmutableX (IMX) +0.4% $0.42
Bitcoin SV (BSV) +0.8% $45.04

See also: Binance Reviews – Pros, Cons and more

Why it matters: Cryptocurrencies have followed other risky assets looking for the annual “Santa Claus” rally that has remained elusive so far this year.

Bitcoin and Ethereum traded lower for a day as the S&P 500 and Nasdaq closed 0.9% and 1.5% lower, respectively, on the day.

“Bitcoin follows the broader markets and is down on the day,” he said Edward Moyaa senior market analyst OANDA.

On Monday, Binance.US reached an agreement with the bankrupt cryptocurrency firm Voyager Digital to buy the latter’s assets for $1.02 billion.

“Voyager’s distressed assets were supposed to be bought by FTX, but then it collapsed,” Moya said in a note seen by Benzinga.

The analyst said, “Binance may still be in the market to buy more distressed assets, which could also be seen as an attempt to show some strength in their health given the massive redemptions that have taken place.”

Kaiko Research said that Binance has regained most of its lost market share. The cryptocurrency data platform noted that during the worst “confidence crisis,” the cryptocurrency exchange’s market share fell from 81% to 68% as mass outflows occurred.

Binance Exchange Market Share – Courtesy of Kaiko Research

“Binance regained most of its market share over the weekend. In fact, since the collapse of FTX, Binance’s market share has increased from ~67% to ~80% compared to 11 other exchanges,” Kaiko said.

Michael van de Poppe said that bitcoin moves with the indices. “Let’s see what happens next,” the cryptocurrency trader said.

Factor LLC CEO and well-known trader Peter Brandt said, that Dogecoins has a “Mulberry Bush” pattern. Brandt was referring to a pattern named after an English nursery rhyme. The trader seems to indicate that DOGE is in a loop of gains and losses.

Santiment noted that altcoins have been particularly hard hit during the recent downturn, with almost all projects underbought or semi-underbought due to average trader losses.

“However, our model shows that several projects are now at historical pain points where setbacks occur,” the market research platform said on Twitter.

Continue reading: Ancient Ethereum whales move $27 million after 5 years of dormancy

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