- ORDI, SATS, SUI and Axie Infinity price noted rises ranging from 18% to over 53% in the span of 24 hours.
- Greed in the crypto market has sustained for over two months, only the second instance in the history of digital assets.
- Institutions are acting cautiously at the moment, which is evidenced by the first outflow in nearly three months.
Christmas this year is largely dominated by the anticipation of the spot Bitcoin ETF approval next month. However, this did not stop certain cryptocurrencies from making a jump during the celebration of the Nativity. Disappointingly, the ones that managed to rise the most simply happen to be useless cryptocurrencies, whose crash wouldn’t have been concerning either.
Crypto Christmas – Not what we expected
On December 25, one of the most celebrated holidays across the globe, ORDI, SATS, SUI, and Axie Infinity (AXS) lit the crypto skies green with their rallies. Leading the charge was the meme coin ORDI, the previously confused Bitcoin Ordinals token, that managed to chart a 54.24% growth in 24 hours and chart a new all-time high.
ORDI/USDT 1-day chart
This was followed by another namesake token with no inherent value, SATS, which goes by the name of 1000SATS. Dedicated to the legacy of the creator of Bitcoin, Satoshi Nakamoto, the cryptocurrency is a BRC-20 token, sharing the name of the smallest unit of Bitcoin – SATS and noted a 42% increase.
Another token that made the cut was SUI, a layer-1 token that made headlines for a while at the time of its launch back in May 2023. Sui price did not register rallies as significant as the abovementioned coins, but being a fundamentally sound asset makes it a much more important asset. SUI, at the time of writing, could be seen trading at $0.855 following an 18% increase in the past 24 hours.
Lastly, the only widely known crypto asset on the list is Axie Infinity. However, the gaming token could barely rally by 14% despite charting a 22% increase during the intra-day trading hours.
Crypto market remains greedy, but institutions pullback
At the moment, the market is extremely greedy, which is both a positive and a negative sign. Positive because it suggests crypto assets have the potential to rally, and negative because the market is also highly susceptible to selling.
Crypto Greed and Fear Index
Institutions are also acting cautiously at the moment after marking the first outflow in nearly three months. Crypto investment products observed $16 million worth of funds leaving the market for the first time in 11 weeks.
The primary reason behind this is volatility that will occur throughout the New Year hype and the wait until January 10, when the spot Bitcoin ETFs will likely be approved.