The cryptocurrency market shows a clear upward trend before the Christmas holiday. Bitcoin has risen 2.05% within 24 hours, trading at 133.94 million KRW.
Market investors are increasingly looking forward to the so-called "Christmas rally." Analysts believe that the well-known year-end stock price increase phenomenon in traditional financial markets—the Christmas rally—may also have a positive impact on the cryptocurrency market.
On the other hand, as approximately $2.7 billion worth of Bitcoin and Ethereum options are set to expire around December 26, just before Boxing Day, the market mentions that short-term price fluctuations may intensify.
The current trading price of Ethereum is 4.51 million KRW, up 2.60%. The options market also shows a cautiously optimistic sentiment, maintaining strength amidst volatility.
Solana reached 189,000 Korean won, recording an abnormal increase of over 4,700%. Analysts believe this is due to the increased usage of the Solana blockchain in the recent DeFi and NFT markets.
Ripple has also seen a slight increase, with the current trading price at 2,862 Korean won. The 1.54% increase has remained relatively stable compared to the overall market trend. Ripple is gradually restoring market trust after its lawsuit with the U.S. Securities and Exchange Commission has come to a close.
Meanwhile, as U.S. regulatory agencies approve legal cryptocurrency trading and custody, the long-term outlook for the market has become more positive. The U.S. Congress is advancing discussions on amendments to cryptocurrency-related tax regulations, and improvements in the regulatory environment are expected to promote the influx of institutional investors in the future.
Cryptocurrency market experts believe that regulatory clarity and acceptance by mainstream financial systems will help enhance market maturity.
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