The cryptocurrency market spent Monday in consolidation mode while stock investors kept their eyes peeled for signs of the fabled "Santa Claus Rally." Bitcoin (BTC) made a run past $90,000 but couldn't stick the landing, settling back around $88,500 by evening.

Here's where the major cryptocurrencies stood as of 8:20 p.m. ET:

A Day of Sideways Action

Bitcoin teased traders with a brief surge past the $90,000 mark before retreating to the $88,000 range. Despite the lackluster price action, interest remained strong with trading volume surging 61% to hit $36 billion over the past 24 hours.

Ethereum danced around the psychologically important $3,000 level, seeing its own volume spike of 52%. The second-largest cryptocurrency continues to hold above the three-thousand-dollar threshold, though barely.

Bitcoin maintained its dominant position with a 59% share of the total crypto market, while Ethereum's market dominance exceeded 12%.

In traditional markets, crypto-linked stocks had a mixed day. Strategy Inc. (MSTR) closed down 0.30% while Coinbase Global Inc. (COIN) slipped 0.86% during regular trading.

The mood in crypto markets turned decidedly sour. Over $200 million was liquidated from the market in the past 24 hours, according to Coinglass data, with nearly $130 million of that coming from long positions that bet on rising prices.

Bitcoin's open interest ticked up 1.04% over the same period. Meanwhile, over 66% of Binance traders holding open BTC positions were positioned long, based on the exchange's Long/Short Ratio—suggesting many traders remain optimistic despite the choppy action.

The Crypto Fear and Greed Index painted a stark picture, registering "Extreme Fear" sentiment across the market.

Top Performers

While the major cryptocurrencies treaded water, a few smaller players posted impressive gains over the past 24 hours:

The global cryptocurrency market capitalization stood at $3 trillion, down a modest 0.48% over the past 24 hours.

Stocks Eye Holiday Magic

Traditional equity markets kicked off the holiday-shortened week with solid gains. The Dow Jones Industrial Average climbed 227.79 points, or 0.47%, to close at 48,362.68. The S&P 500 advanced 0.64% to finish at 6,878.49, while the tech-heavy Nasdaq Composite gained 0.52% to end the day at 23,428.83.

Market participants are now watching for the "Santa Claus Rally"—the historical tendency for stocks to rise during the final five trading days of December and the first two trading days of January. Whether this seasonal pattern will hold remains to be seen.

Where Bitcoin Heads Next

Ali Martinez, a widely followed cryptocurrency analyst and trader, made waves with his latest prediction: Bitcoin will bottom out at $37,500 in approximately 288 days, putting the date around October 2026.

That would represent a roughly 58% decline from current levels—a sobering forecast that finds some support in on-chain data.

Blockchain analytics firm CryptoQuant noted that Bitcoin's network activity currently mirrors patterns from the 2018 bear market. The firm pointed to fewer active addresses, declining transaction counts, and lower network fees as warning signs.

"Historically, when highly active addresses shrink, it signals retreat by traders and institutions, reinforcing the transition into quiet accumulation phases that precede future volatility," CryptoQuant stated.

In other words, the quiet periods often set the stage for the next big move—whether up or down. For now, the market appears to be in wait-and-see mode, with traders positioning themselves for what could be an interesting start to 2026.