Bitcoin Stagnates Below $17,000 as Fear Returns to Crypto (Market Watch)

The cryptocurrency market has failed to produce any meaningful moves over the past 24 hours and is more or less where it was yesterday.

This includes Bitcoin, which continues to trade at less than $17K.

Bitcoin stagnates below $17k

Long periods of low volatility are not typical of the cryptocurrency market and are usually the prelude to a large move.

However, the bitcoin price has been trapped within a rather narrow range over the past few weeks, and has not been able to break out in any direction. At the time of writing, the cryptocurrency is trading at $16,800 – exactly where it was yesterday.

Source: Binance via TradingView

BTC dominance remains the same as it was yesterday, highlighting the lack of activity from market participants and the general state of stagnation.

The total market is in a state of extreme fear

Most of the altcoins didn’t make any profits either. On the bright side – they haven’t diminished either.

Most of them plot small losses or gains but nothing noticeable, as shown in the heatmap below.

altcoin_heatmap_081201
Source: Quantify Crypto

The best performer today is FXS up 8%, followed by Radix (XRD) – up 75.%. On the losing side of the spectrum, ImmutableX (IMX) dropped 4.1%, followed by BTSE – down 2.5%.

The data also shows that the general market sentiment has returned to a state of “extreme fear”. This depends on many factors, including volatility (or lack thereof), market momentum, social media volume and sentiment.

Bitcoin Stagnates After $17K as Fear Returns to Cryptocurrencies (Market Watch) first appeared on CryptoPotato.

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