Why Bitcoin, Ethereum, and Dogecoin Dipped Following Christmas

After a relatively strong Christmas Eve, several traders and analysts were hoping to see a Santa Claus rally in crypto to round out the fiscal year. However, based on the 24-hour price movements in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE), it appears that such a rally may take additional time to materialize -- if at all.

These three top cryptocurrencies were each down over the last 24 hours, with respective losses of 3.6%, 4.6%, and 5.7%, as of 2:30 p.m. ET.

After a strong rally in recent weeks, these losses come as several traders and analysts are keeping a close eye on the upcoming year, hoping to see a Santa Claus rally in crypto to round out the fiscal year. Continue reading to learn more about what to expect.

What Happened: As the new year approaches, several traders and analysts are hoping to see a Santa Claus rally in crypto to round out the fiscal year. However, based on the 24-hour price movements in Bitcoin, Ethereum, and Dogecoin, it appears that such a rally may take additional time to materialize.

These three top cryptocurrencies were each down over the last 24 hours, with respective losses of 3.6%, 4.6%, and 5.7%, as of 2:30 p.m. ET.

The apex cryptocurrency, Bitcoin, has remained below the $17,000 level during this time frame. Both Ethereum and Dogecoin also remained down over the last 24 hours.

A Santa Claus rally is a stock market phenomenon that sees a rally in the final trading days of December, typically beginning around December 15 and continuing through the new year.

This rally is said to be named after the holiday season, with some traders believing that the festive spirit and optimism contribute to the rally. However, there is no guarantee that such a rally will occur each year.

While the term "Santa Claus rally" is typically used in the context of the stock market, some traders and analysts also apply it to the cryptocurrency market.

However, it's important to note that the crypto market operates 24/7, unlike the traditional stock market, which may affect the application of this term.

Several traders and analysts have pointed out that a Santa Claus rally in crypto would be beneficial for the industry, especially after a difficult year that saw several bankruptcies, layoffs, and regulatory crackdowns.

However, several analysts remain skeptical of such a rally, given the broader macroeconomic conditions and the crypto market's volatility.

See More: Best Cryptocurrency Apps

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The Bottom Line: Several traders and analysts are hoping to see a Santa Claus rally in crypto to benefit the industry.

However, based on the 24-hour price movements in Bitcoin, Ethereum, and Dogecoin, it appears that such a rally may take additional time to materialize -- if at all.

These three top cryptocurrencies were each down during this time frame. After a strong rally in recent weeks, several traders and analysts are keeping a close eye on the upcoming year.

After a difficult year in crypto, several traders and analysts are hoping to see a Santa Claus rally in crypto to round out the fiscal year.

However, based on the 24-hour price movements in Bitcoin, Ethereum, and Dogecoin, it appears that such a rally may take additional time to materialize -- if at all.

These three top cryptocurrencies were each down over the last 24 hours, with respective losses of 3.6%, 4.6%, and 5.7%, as of 2:30 p.m. ET.

After a strong rally in recent weeks, several traders and analysts are keeping a close eye on the upcoming year, hoping to see a Santa Claus rally in crypto to round out the fiscal year.

A Santa Claus rally