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The rates of Bitcoin and other major cryptocurrencies continue to trade in a narrow range. The prices of Bitcoin and Ethereum fell by less than 1% over the past 24 hours by the morning of December 24, to $87,000 and $2.93 thousand, respectively.
Quotes for about 90% of the top hundred cryptocurrencies in the Coinmarketcap ranking as of 10:00 Moscow time on December 24 changed within a range of about 4%. The biggest price drops were seen in UNI (7%), PUMP (8%), NIGHT (16%). The biggest gains were shown by PIPPIN (19%) and CC (5%). The total capitalization of the crypto market remained virtually unchanged and is around $2.95 trillion.
Despite persistent demand from institutional investors, analysts at major market maker Wintermute noted in a weekly report that the retail sector has begun to shift from trading altcoins towards Bitcoin and Ethereum. The experts explained this process as "declining liquidity ahead of the holidays".
Despite this, Wintermute noted the steady adoption of cryptocurrencies among institutions, corporations, and consumers, which "creates a foundation for medium-term price growth," even if short-term dynamics remain subdued. They also noted that for the crypto market to grow, "first, Bitcoin must grow," and only then will investors' interest in riskier assets, meaning altcoins, return.
Other analysts also express opinions about future growth. In a recent report by asset management company VanEck, experts noted a high probability of price growth in the next six months. The company based this opinion on historical data of the correlation between the dynamics of the hash rate (Bitcoin mining power) and the Bitcoin price.
The crypto market fear and greed index has been in the "extreme fear" zone since mid-December — as of December 24, it is holding at 24 points out of 100. The movement of the indicator suggests that market participants are leaning towards selling off cryptocurrencies.
At the end of the trading session on December 23, spot Bitcoin exchange-traded funds (ETFs) in the US recorded a net capital outflow of nearly $188 million, according to SoSoValue. This is the third consecutive trading session with a net capital outflow from Bitcoin funds. Ethereum-based ETFs recorded an outflow of $95 million as of December 23.
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