Every December crypto investors hope for a late December increase dubbed ‘Santa’s Rally’, and our analysis shows it could still happen after BTC rose $787.95 in one day!
December has been a disappointing month for most crypto investors as many have experienced a fallback in value over the month. Needless to say, we are still in a ‘nuclear winter’ waiting for each virtual currency to run through their respective financial cycles and bounce back when the market starts to warm up in 2020.
There certainly is no shortage of believers when it comes to Bitcoin’s future success. Personalities such as billionaire John McAfee says each BTC will be worth $1 million by 2020 which is arguably a little outrageous. That said, there are plenty of realistic and sensible predictions out there with many experts expecting BTC to reach the dizzy heights of $100,000 at some point over the next half a decade or decade.
David Lee, an author of CryptoSlate, believes that Bitcoin will outperform the stock market over the next decade.
As for ‘Santa’s Rally’, only Bitcoin is showing potential at the moment as it almost breaks even from its 4th December finishing point. We also cover BCH, LTC, XRP, DOGE, ETH, and EOS each of which made further losses in value since our last 3rd December report.
Biggest positive movement: +13.55%
Everyone is still waiting for ‘Santa's Rally’ as reports still suggest that BTC will suddenly rise. If the last 3 weeks are anything to go by, then there is still a possibility of this happening as BTC has made up plenty of ground.
Between 7 and 11 December BTC was back above $7,500. However, worrying times were still to come as it slumped to $7,124 on 13 December, then down to $7,039 by 15 December, and then a major wipeout occurred starting on the 16 December leaving BTC worth well below the $7,000 mark. On 19 December BTC was sitting as low as $6,538.01 with all hopes of that Santa Rally now vanishing fast.
After that 19 December crash, BTC showed its usual resilience, as it has done every time it falls below $6,000 this year and bounced back with a vengeance. A sudden surge in the price added a huge $787.95 (13.55%) in value bringing BTC up to $7424.02 on 19 December.
Since then BTC was hovering just above the $7,100 mark after losing roughly $300 in value since it resurgence above the $7,000 point, and it eventually settled at $7,324.70 by the end of Monday 23 December.
We are only 0.02% off the beginning of the month, so there is still hope for BTC rally above $8,000 before the end of the year. We know perfectly well that BTC is capable of doing this as per its 19 December $787.95 rise. Another one of these spikes and Santa’s Rally will come true for yet another year!
Start – 4/12/19 00:00 am: $7325.96
Finish – 23/12/19 23:59 pm: $7,324.70
Biggest positive movement: +10.56%
Bitcoin Cash is another cryptocurrency that has been struggling for quite some weeks now and it has endured another drop in value since our last report. Initially, BCH bounced up and down in value in $5 to $10 bursts from the 5th to the 15th but there were to drops in value to come over the next few days.
The early hours of 17 December brought the first of these with BCH dropping from $205.73 to $195.11 and this time there was not to be a recovery. In fact, another drop was looming just 15 hours later as the value started to plummet into the low $180’s by the time the 18 of December began. It bottomed out at a 3-month low of $173.10.
Day traders had plenty of opportunities to make some profits as throughout the next day that price recovered to $191.38, a value not too far off what it is now.
Start – 4/12/19 00:00 am: $213.23
Finish – 23/12/19 23:59 pm: $193.90
Biggest positive movement: +13.18%
Following a similar pattern in the markets to BCH and many other cryptocurrencies, LTC suffered another drop since our last weekly crypto report. Litecoin was bumbling along quite nicely despite a slow and steady reduction in value from 4 December to the 16 December before two separate drops in value.
Sitting with a value of $42.84 at 2 am on the 17 of December, within an hour it had dropped to $39.82 and would then drop further to $36.62 through the 18 of December. Fortunately for investors and day traders alike, a positive movement of 13.18% began at 9 pm on the 18th that lasted 8 hours and increased to $41.45.
Another drop in value did occur shortly after but the price since has been gradually recovering.
Start – 4/12/19 00:00 am: $45.72
Finish – 23/12/19 23:59 pm: $41.58
Biggest positive movement: +6.72
It has been a bumpy ride for many cryptocurrencies but DOGE seems to be one that has not suffered quite as bad as most. It has lost close to 7% of its value since we last reported on it and while concerning for investors, there are many other cryptos that have been worse off.
Like most, DOGE experienced a few smaller price swings throughout the early parts of December before experiencing some major drops between the 17 and 19 of December.
The past few weeks have certainly provided the more savvy of day traders with the opportunity to make some money with DOGE. There were numerous positive swings with the largest being a 6.72% value increase once the cryptocurrencies value started to recover in the early hours of 19 December.
Start – 4/12/19 00:00 am: $0.002196
Finish – 23/12/19 23:59 pm: $0.002046
Biggest positive movement: +10.91%
Once again it was two big drops in value throughout 17 and 18 of December that scared the life out of holders of ETH. Throughout that period ETH dropped from $140.92 to $120.71 which was a massive 14.34% decrease. A good recovery did at least provide a 10.91% positive price increase throughout the next day which had a decent window of 10 hours.
Unfortunately, that increase was shortlived as ETH started to stabilize in the high $120s and the low $130s, representing the 9% loss of value since the last report we posted. We all know that a bull market could spring its trap at any time in such a volatile market, so it is all about keeping our nerves and monitoring the situation until that happens.
Start – 4/12/19 00:00 am: $144.66
Finish – 23/12/19 23:59 pm: $131.30
Biggest positive movement: +9.96%
What has happened to XRP? After making so many deals and opening several business arms across the globe, being part of Money Tap, and several other innovative projects, XRP should, in theory, be steamrolling the crypto market, yet, the last few days have been abysmal.
December 4 saw XRP fall to $0.211144, but by 9 December it was up to $0.232169 (+9.96%) and going strong. It was that small increase that was the week’s most positive movement, and at the time nothing seemed out of the ordinary. However, following a positive Monday showing, Ripple slowly fell to $0.212405 by 16 December before all hell would start to break loose.
The very next day (17 December) Ripple crashed to $0.196093. The 18 December was worse as XRP continued to drop, and it eventually bottomed out at $0.179820 before making what has so far been an unconvincing u-turn. Even up until today’s report XRP still hasn’t really recovered in the same way BTC did meaning XRP is not moving in tandem with other cryptos.
Right now XRP is worth as little as $0.191418. All that anyone can hope for now is one heck of a Santa's rally to hit XRP.
Despite the widespread panic and negative minds readily taking to social media claiming XRP is finished, as always happens when crypto starts to lose momentum, some of the world’s most experienced XRP investors are still not selling. They still believe in XRP and Ripple’s business model for the future.
Coingecko’s Kevin Cage sees XRP inevitably going up again. Is this an indication to invest while XRP is down and hope for a massive recovery bump any time over the next couple of days?
When $XRP inevitably rises, I will not thank the self-proclaimed "Riddlers/Insiders". I will thank myself for doing my own research, using basic logic, & having patience.— Kevin Cage (@Kevin_Cage_) December 16, 2019
If these riddlers are right, that is just icing on the cake. I'm holding regardless. #XRP #XRPCommunity
Start – 4/12/19 00:00 am: $0.220874
Finish – 23/12/19 23:59 pm: $0.191418
Biggest positive movement:+6.95%
You could almost copy and paste the action from any of the above cryptocurrencies into how EOS has performed since our last weekly crypto report. The market as a whole witnessed a major selling off of cryptos over the 17th and 18th of December and EOS was not to escape the overall shedding of value.
In fact, EOS lost close to 10% of its value throughout that period only to see a similar revival that was able to recover 7% of that a day later. EOS had a low of $2.30 on the 17th of December, its lowest since the end of January.
What we have to lay hope on is the fact that many commentators are saying that the next bull run is due to happen within the next year or so. Some go as far as suggesting that the BTC will be worth $250k by 2025.
Start – 4/12/19 00:00 am: $2.71
Finish – 23/12/19 23:59 pm: $2.53
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