Today in this post, I will tell you about the market update. When any big event comes, then, as always, the market dumps, and altcoins dump even more.
Yesterday, on Christmas Day, you must have noticed that the market dumped significantly, and its price even reached $93K. But it quickly recovered and reached $98K.
Despite this, there was no performance in altcoins, and the main reason for this is BTC dominance, which, after a rejection, is moving upwards. One thing to keep in mind is that until dominance decreases significantly, the altseason will not arrive.
Christmas is an event celebrated worldwide, and at such times, people need money. This is why all markets are down at the end of December, as people withdraw money for shopping.
If we look at last year, after Christmas, there was a significant dump in the market, and recovery started at the beginning of January. The reason for this is again the withdrawal of money, and this time, it's due to the Chinese New Year.
In the beginning of January, there is the Chinese New Year, and many people will start withdrawing money. This cycle continues until January 15th, and after that, the market starts recovering.
In my opinion, the market will follow the same cycle until January 15th. As much as possible, buy on every dump and keep lowering your buying average. This means that the market may fall further, and altcoins may dump even more. In such a scenario, it's essential to have money in hand to keep buying coins.
Have you people withdrawn money for Christmas or the Chinese New Year? Do you think this could be the main reason for the market dump? I would be happy to see your answers in the comment section.
I hope you find this post useful and informative. If you do, please remember to reblog it so that it reaches as many people as possible and that they can benefit the most from it. Also, remember to upvote, which will help me financially and grow my account.
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Thank You!
Best Wishes.
