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The Santa Claus rally occurred in the cryptocurrency industry as some large altcoins experienced double-digit gains.
Pudgy Penguins (PENGU), the recently launched token, soared 40% on December 24, raising its market capitalization to $2.26 billion. This demonstration occurred after the data showed that its nft sales increased 40% in the last 24 hours to $1.38 million. It also recovered after a major whale continued to accumulate more PENGU tokens.
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JasmyCoin (JASMY), popularly known as Japan's bitcoin, rose for the third day in a row and reached its highest level since December 8. This rebound occurred even after a large whale. excited Jasmy tokens are worth more than $1.4 million to Coinbase. Cryptocurrency holders move coins to an exchange as a first approach toward settlement.
On the positive side, data shows that more and more investors are withdrawing their tokens from exchanges. JASMY tokens on exchanges fell 1.97% on December 24 to 16.74 billion. Exchanges held over 17 billion JASMY tokens a week ago.
IOTA (IOTA) was another high-performing coin on Christmas Eve as it jumped for the third day in a row. This demonstration occurred after community members completed voting in favor of the Rebased proposal.
98% of IOTA token holders voted in favor as the update will introduce more features such as staking, move-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 (ALGO), Hedera Hashgraph, Virtuals Protocol and Curve DAO Token were the other high-performing cryptocurrencies.
These tokens rose while bitcoin remained stable and broke the $97,000 resistance level. Historically, most altcoins do well when bitcoin rises. The rally is also 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 rose.
Still, there is a risk that the ongoing bounce is a dead cat bounce. A DCB, also known as a bull trap, is a temporary rise that occurs when an asset is in a strong downtrend. Therefore, the bullish trend of bitcoin and most altcoins will be mostly confirmed when they surpass their December highs.
