Sunday's crypto markets looked like they'd taken a collective nap. Investors heading into the new year seemed content to sit on their hands, and the major digital assets reflected that cautious mood with mostly sideways action.
The Numbers Tell a Quiet Story
Here's where the leading cryptocurrencies stood as of 8:20 p.m. ET:
Bitcoin (BTC) inched up 0.24% to $87,955.38. Ethereum (ETH) gained 0.51% to reach $2,957.95. XRP (XRP) slipped 0.09% to $1.86. Solana (SOL) posted the strongest showing with a 1.98% rise to $126.67, while Dogecoin (DOGE) climbed 0.80% to $0.1247.
The overall global cryptocurrency market capitalization stood at $2.98 trillion after a modest 0.28% uptick over the previous 24 hours.
Sideways Movement, But Volume Tells Another Story
Bitcoin consolidated in a tight range between $87,000 and $88,000, though trading volume jumped 18% over the past day. Something about that disconnect between price movement and volume is interesting—it suggests people are positioning themselves, just not quite sure which direction yet.
Ethereum struggled around the $2,900 mark, hitting resistance after touching an intraday high of $2,973.46. Trading volume for the second-largest cryptocurrency surged even more dramatically, rising 38% in the 24-hour period.
Market dominance remained fairly stable, with Bitcoin commanding just under 59% of the total crypto market cap while Ethereum held 12%.
The past 24 hours saw over $80 million liquidated from the cryptocurrency market, according to Coinglass, with short liquidations slightly exceeding long liquidations. Bitcoin's open interest climbed 1.85% during this period, as long positions for the leading cryptocurrency outnumbered bearish short bets based on the Long/Short ratio.
Perhaps most tellingly, the Crypto Fear and Greed Index showed "Extreme Fear" sentiment prevailing across the market. When fear runs this high, things can get interesting quickly.
A few smaller tokens bucked the sluggish trend. Canton jumped 21.90% to $0.1385, ZORA gained 10.18% to $0.04393, and Undeads Games rose 8.74% to $2.44.
Traditional Markets Looking Steady
Stock futures Sunday evening barely moved. The Dow Jones Industrial Average Futures rose 37 points, or 0.07%, as of 7:20 p.m. EDT. Futures tied to the S&P 500 added 0.03%, while Nasdaq 100 Futures gained 0.03%.
The S&P 500 notched new all-time highs during the abbreviated Christmas week, positioning the index for its third straight year of double-digit gains. That's the kind of streak that makes index fund investors feel pretty smart about their life choices.
Meanwhile, silver sailed past $79 to reach new highs amid fresh export restrictions on the precious metal from China. Investors will be watching Tuesday's release of minutes from the Federal Reserve's December meeting for clues about the future path of monetary policy.
Both the New York Stock Exchange and Nasdaq Exchange will be closed Thursday for New Year's Day, giving traders a long weekend to contemplate their 2024 performance.
Buckle Up for the Final Week
Michaël van de Poppe, a widely followed cryptocurrency commentator, expects the last trading week of 2024 to bring some action after this quiet spell.
"All eyes on Silver, Gold and Platinum, and I think we'll start to see some strong movements on Bitcoin as capital rotation is likely," van de Poppe projected.
The analyst thinks Bitcoin will cross $90,000 and potentially run toward $100,000 in the next week. That's a bold call considering the current consolidation pattern, but the setup might be there if the precious metals momentum spills over.
Van de Poppe also weighed in on Ethereum's technical situation, warning that a break below $2,775 could "trigger a cascade down." But he sees upside potential too: "On the other hand; breaking the resistance at $3,000 and we can see a quick run to $3,650."
In other words, Ethereum is sitting at a crossroads where either direction could lead to significant movement. The $2,775 to $3,000 range appears to be the critical zone to watch as the year winds down.
Whether van de Poppe's volatility forecast materializes or the markets continue their Sunday afternoon nap into the new year, the final trading days of 2024 should at least be interesting to watch.