During the Santa Claus rally in the crypto industry, several major altcoins saw double – digit gains on December 24. Pudgy Penguins’ PENGU token, which was recently airdropped, soared 40%, pushing its market cap to $2.26 billion. This came after a 40% jump in NFT sales to $1.38 million in the last 24 hours and as a major whale continued to accumulate PENGU.
JasmyCoin, often called Japan’s Bitcoin, rose for the third straight day, reaching its highest level since December 8. Despite a big whale moving over $1.4 million worth of Jasmy tokens to Coinbase (a common first step towards liquidation), more positive signs emerged. On December 24, the number of JASMY tokens on exchanges dropped by 1.97% to 16.74 billion, down from over 17 billion a week ago.
IOTA also had a strong showing on Christmas Eve, jumping for the third consecutive day. The community members completed voting on the Rebased proposal, with 98% of IOTA token holders voting in favor. The upgrade will introduce features like staking, move – based smart contracts, and faster transaction speeds, aiming to make IOTA a major blockchain competitor to Ethereum and Solana.
Algorand, along with Hedera Hashgraph, Virtuals Protocol, and Curve DAO Token, were among the top – performing cryptos.This altcoin rally occurred as Bitcoin held steady and moved above the $97,000 resistance level. Historically, many altcoins perform well when Bitcoin is on the rise. The Santa Claus rally concept, where assets increase in value a few days before Christmas, was also at play. A similar rally was seen in the stock market, with the Dow Jones, Nasdaq 100, and S&P 500 also experiencing jumps.
However, there’s a risk that this ongoing rebound could be a dead cat bounce (a bull trap), a temporary surge during a strong downtrend. The uptrend of Bitcoin and most altcoins will likely be confirmed only when they rise above their December highs.
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