Santa delivers as PENGU, Jasmy, IOTA, and Algorand prices surge

There has been a Santa Claus rally in the crypto industry, with some major altcoins experiencing double-digit gains.

Recently airdropped token Pudgy Penguins (PENGU) surged 40% on December 24, increasing its market cap to $2.26 billion. This rise comes after data showed NFT sales increased by 40% to $1.38 million in the last 24 hours. It also rebounded as a large whale continued to accumulate more PENGU tokens.

JasmyCoin (JASMY), known as Japan’s Bitcoin, rose for the third day in a row, reaching its highest level since December 8. This recovery occurred even after a large whale moved over $1.4 million worth of Jasmy tokens to Coinbase. Crypto holders move coins to the exchange as a first approach to liquidation.

On the positive side, data shows that more investors are moving their tokens from exchanges. JSMY tokens on exchanges fell 1.97% to 16.74 billion on December 24. There were over 17 billion JSMY tokens on exchanges a week ago.

IOTA (IOTA) was another top-performing cryptocurrency, rising for the third consecutive day on Christmas Eve. This rally took place after community members completed voting on the Rebase proposal.

98% of IOTA token holders voted in favor as the upgrade will offer more features such as staking, move-based smart contracts, and fast transaction speeds. IOTA hopes to become a major player in the blockchain industry, where it will compete with rivals such as Ethereum and Solana.

Algorand (ALGO), Hedera Hashgraph, Virtuals Protocol and Curve DAO Token were the other top-performing cryptocurrencies.

These tokens rallied as Bitcoin remained steady and climbed above the $97,000 resistance level. Historically, most altcoins perform well when Bitcoin is rising. This rally is also happening due to the Santa Claus rally concept, where assets increase a few days before Christmas. This rally also occurred in the stock sector, with the Dow Jones, Nasdaq 100 and S&P 500 jumping.

Still, there is a risk that the ongoing recovery could be a dead cat bounce. DCB, also known as a bull trap, is a temporary rise that occurs when an asset is in a strong downtrend. Therefore, the uptrend of Bitcoin and most altcoins will mostly be confirmed once they break above the December highs.