• Bitcoin held steady over the Christmas holiday weekend, trading at about $16,900.
• Most other major cryptos were flat, with a slight green tint.
• Investors largely ignored crypto and the macroeconomic uncertainties this year.
It’s been a tumultuous year for the cryptocurrency market, with prices soaring to unprecedented heights before crashing back down. This Christmas holiday weekend, however, investors largely ignored crypto and the macroeconomic uncertainties that have plagued the world in 2022, with Bitcoin holding steady at about $16,900.
Most other major cryptos were also flat, though they were tinted more green than red. Ethereum was trading at slightly over $1,200, mirroring Bitcoin’s flat trading of the past three days. This indicates investors’ belief that the cryptocurrency market has stabilized somewhat, and that prices are prime to start rising again in the near future.
It’s likely that Bitcoin and other cryptos will continue in the same vein during the year’s final days, given business’ historical, end-of-year slowdown. Edward Moya, senior market analyst for foreign-exchange market maker Oanda, noted that Bitcoin “looks like it might be finding a home between the $16,000 and $17,000 zone.”
Though the cryptocurrency market has been volatile this year, the past few weeks have seen prices remain relatively stable. This has led many investors to believe that the market has now reached a point of equilibrium, and that prices are prime to start rising again in the near future.
In the meantime, investors are taking a more cautious approach to the cryptocurrency market. Columnist David Z. Morris argued in a column last week that investors’ growing uncertainties about crypto’s future will root out careless speculation and refocus attention on “good deals and ideas.”
It’s clear that the cryptocurrency market is still trying to find its footing after a tumultuous year. But the steady prices of Bitcoin and other cryptos over the Christmas holiday weekend are promising signs that the market is beginning to stabilize, and that prices will soon start to rise again.