Top cryptocurrencies end 2025 without a «Christmas rally»

December 2025 ended for the crypto market without the expected «Christmas rally» — the seasonal growth in the last week of the year. Bitcoin BTC $89,190.86 Mezo Wrapped BTC 0.74% Market capitalization $47.77 million VOL. 24 hours $1.05 billion ends the month with a drop of about 22%, which is its worst result since December 2018. Ethereum ETH $2,974.78 Bridged Ether (StarkGate) -0.10% Market capitalization $71.48 million VOL. 24 hours $0.72 billion lost more than 28% in the fourth quarter, according to CoinGlass data.

Instead of growing, key levels for bitcoin were repeatedly sold off in attempts to break them, indicating low investor risk appetite. Low liquidity at the end of the year exacerbated market volatility, as lower trading volumes allowed even small sales volumes to put pressure on the price.

Amid uncertainty about cryptocurrencies, investors shifted their focus to gold, silver, and platinum. Gold reached historic highs amid expectations of lower rates and geopolitical tensions. It is supported by both central banks and growing demand from ETFs.

Bitcoin, on the other hand, continues to behave as a highly volatile asset, responding to risk appetite. Despite the favorable macro environment, the cryptocurrency failed to consolidate its position, which indicates growing caution among traders and a decrease in leverage during the holidays.

The first test in early 2026 will be whether bitcoin can hold key support zones. If this does not happen, the failure of the «Christmas rally» may be a signal that the market needs a deeper correction before the next sustainable growth phase.