Bitcoin Remains Quiet Awaiting CPI Release Tuesday (Weekend Hour)

The cryptocurrency market has been quiet over the past 24 hours with modest volumes, which is very typical on a weekend. It is also worth noting that market participants may be cautious ahead of the release of November CPI numbers.

Bitcoin is stable at $17,000

Bitcoin price failed to produce any significant moves over the past 24 hours, and settled above $17k for a total gain of 0.2% on the day, according to CoinGecko.

As seen in the chart below, there were no major fluctuations, and the price dropped to a low just below $17,100.

Source: Binance via TradingView

It is entirely possible for market participants to be cautious as there is an important announcement coming from the US Bureau of Labor Statistics on Tuesday. They will release consumer price index figures for November, which is largely used as a gauge of inflation in the country. It has always had a huge impact on the Bitcoin price so far, which usually leads to immediate and wide fluctuations.

Altcoins are in the green but small gains

The altcoin market has been largely in the green over the past 24 hours, although the gains are not significant, as shown in the heatmap below.

Source: Quantify Crypto

OSMO appears to be the best performer today, up 11.5% overall, followed by decentralized derivatives trading platform home cryptocurrency GMX, which is up nearly 7%.

On the other hand, Axie Infinity’s AXS seems to be taking a break and is down about 4.8% in the last 24 hours.

Bitcoin’s dominance remains at 37%, which indicates that the market is in equilibrium as altcoins are currently unable to take away any of the share of BTC.

Bitcoin Still Quiet in Predicting CPI Release Tuesday (Weekend Watch) appeared first on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *