What to Expect in December 2024!
The cryptocurrency market ended November on a bullish note, with the top cryptocurrencies seeing significant price increases. Furthermore, with the price of Bitcoin hovering near $100,000, the cryptocurrency space has reached a new ATH.
Will the top 3 cryptocurrencies resume bullish momentum in December? In this article, we discuss the short-term market sentiment for Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) crypto tokens.
Bitcoin (BTC)
Despite a neutral trend over the past seven days, BTC price surged by approximately 39% in November. Furthermore, the Bitcoin token has a market capitalization of $1.909 billion and currently dominates the market with 56.13%.
The simple moving average (SMA) supports the BTC price chart on the daily time frame. Additionally, the RSI indicator is hovering near overbought territory. This indicates an increase in bullish sentiment towards the star cryptocurrency.
If the bullish sentiment persists, Bitcoin price will surpass the $100,000 price target and rise to highs of $110,000. On the other hand, a bearish reversal could pull the price towards the lower support at $81,000.
Understanding the long-term possibilities for BTC tokens? Read CoinPedia’s Bitcoin Price Prediction!
Ethereum (ETH)
ETH price has attracted a lot of attention over the past few days. This has caused Ethereum prices to rise by approximately 8% this week. Furthermore, the altcoin has achieved a monthly return of 47.07% and has crossed the $3,650 level.
The Moving Average Convergence Divergence (MACD) shows a constant green histogram with a steadily increasing average. Additionally, the 50/200-day moving average shows a daily golden cross, highlighting the bullish outlook.
Sustaining the price above the $3,697 resistance could set the stage for ETH price to move towards $4,100 highs. Conversely, if the bears outperform the bulls, the altcoin leader may retest lower support at $3,000.
Ripple (XRP)
Despite continued market turmoil, XRP price continues to rise. Ripple price surged 264.89% this month, surpassing the $1.8 mark. It ranks 05th with a market capitalization of US$106.76 billion.
The Relative Strength Index (RSI) continues to hover above its overbought territory on the 1D time frame, with its average trendline experiencing a bullish crossover. This suggests that Ripple may continue to gain momentum in the coming week.
If the market favors the bulls, XRP price will rise to highs of $2.5. Conversely, if the trend reverses, the Ripple crypto token may retest its $1.50 support trendline this year.
To find answers to questions like when will Ripple price reach a new ATH, read our XRP Price Prediction!
FAQ
If the bullish sentiment continues, Bitcoin price will exceed $160,000 in 2025.
For the altcoin to achieve this price target, valuation would need to rise by 35.56%.
Ripple price may reach a high of $2 by the end of 2024.
