Bitcoin (BTC) has registered extreme stability in the last hour and the previous 7 days, showing that people and investors are in the holiday season. According to data shared by CoinGecko Bitcoin didn’t experience changes in the last 24 hours (it registered a 0%) change in its price. The same has happened in the last hour. In 7 days, Bitcoin grew by 1.2%.
Bitcoin Behaves as a Stablecoin
Bitcoin and other cryptocurrencies are operating very stable as Christmas is being celebrated in large parts of the world. This has had a strong impact on the market. We know that digital currencies are volatile and that their price fluctuates at all times. However, this is not the case right now at Christmas.
Bitcoin is being traded at around $16,835 and its price continues to be traded at around that price. This is something very rare for digital assets. While Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), and XRP are also being traded with almost no changes, Bitcoin is the one that kept a 0% change in the last hours.
It will be very important to see what will happen with Bitcoin in 2023. For example, BTC will be getting closer to a new halving event in 2024. This could have an impact on the price of BTC and, perhaps, on the price of other virtual currencies.
The whole crypto market has been affected by a bear trend in 2022, and this is something that could continue in 2023. At the moment there are no clues on whether Bitcoin will be moving in the next few months. Political cycles and monetary changes are also very important for Bitcoin and other digital currencies.
A change in the monetary policy, especially from the FED, could create a situation in which liquidity starts to flow once again to risk assets such as Bitcoin and other virtual currencies. Therefore, a new bull run could start. But this is just speculation. There are many other things that will have an impact on the price of Bitcoin and other digital currencies.
This is the update on the market on Christmas:
Bitcoin price: $16,835 – no change in the last 24 hours
Ethereum price: $1,221 – 0.2% price increase in the last 24 hours
Binance Coin: $245 – no change in the last 24 hours
XRP: $0.35 – 0.7% price decrease in the last 24 hours
We wish you a Merry Christmas from UseTheBitcoin.