The year 2022 was a harsh one for cryptocurrencies. Currently, there is a lot of uncertainty about whether cryptos will continue to dump in the coming year. However, Christmas eve was a stable day for cryptocurrencies. How did cryptos perform on Christmas eve in 2022? In this article, we analyze the top 3 cryptocurrencies Bitcoin, Ethereum, and Binance Coin.
How did Cryptos Perform in 2022?
To sum it up, pretty bad. Most cryptocurrencies are down by an average of 70% YTD. There is a lot of factors that pushed crypto prices downward:
- Market demand: The demand for a particular cryptocurrency can influence its price. If there is a high demand for a cryptocurrency, its price may increase. On the other hand, if demand is low, the price may decrease. When uncertainty strikes the market, everyone sells, hence prices crash.
- Regulatory developments: Governments and regulatory bodies around the world have taken a variety of approaches to cryptocurrencies, and regulatory developments can have a significant impact on the market. For example, if a government announces stricter regulations on cryptocurrencies, it could lead to a decrease in demand and a decrease in price. The year 2022 had many clashes with governments, such as the Ripple SEC lawsuit which is still pending and was pushed to Q1 2023.
- Global economic conditions: The global economic environment can also impact the price of cryptocurrencies. For example, if there is economic uncertainty or instability, investors may be more likely to turn to liquidate their cryptos. The war between Russia and Ukraine did not help the crypto market as expected, as prices tanked to lower price areas.
- Media coverage: The media can also play a role in shaping public perception of cryptocurrencies and influencing their price. If a cryptocurrency receives positive media coverage, it could lead to an increase in demand and a corresponding increase in price. On the other hand, in 2022, negative media coverage led to a decrease in demand and a decrease in prices as many crypto exchanges crashed, crypto scams were exposed, and falling prices were revealed.
How did Cryptos Perform on Christmas Eve 2022?
Bitcoin remained flat, hovering around its price of $16,800. Its market cap in turn did not fluctuate, standing at a current market capitalization of $323.9 Billion. In fact, Bitcoin barely moved since the past week, and barely increased by 0.62% in the past 7 days.
Ethereum’s value was constant, circling about $1,200. Its market capitalization, meanwhile, remained stable at $149 billion as of this writing. In actuality, Ethereum slightly increased over the previous week and has risen by 3.07% over the last 7 days.
Binance Coin Performance
Binance Coin also did not make any significant price changes over the past 24 hours. BNB prices remain constant at around $244, barely changing even since last week. When there are few buyers and sellers, prices remain constant mostly. This is true for the entire crypto market as we’ve seen for Bitcoin and Ethereum.
In spite of the ambiguity, most cryptocurrencies held steady. However, the decline can potentially begin immediately following the holidays, ruining the first quarter of 2023. Investors should use caution while taking positions in cryptocurrencies and set stop-loss levels to protect against significant market downtrends.
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