The market is still somewhat quiet, perhaps waiting for some major events during the week. Bitcoin fell below $17,000, with total capitalization below $880 billion.
Exploding Bitcoin Links $17,000
Bitcoin price failed to make any progress above $17,000 as bears stepped in and pushed it below the required level again. However, as seen in the chart below, the overall price action has been relatively sleepy as the volatility has dissipated for the time being.
BTC dominance, which tracks its share relative to the entire market, has increased slightly over the past 24 hours, showing that the major cryptocurrency is faring better in comparison.
Alt currencies are bleeding
For the second day in a row, the altcoin chart is down, this time slightly more significant than yesterday. The heatmap below is painted mostly in red, which shows the battle of the altcoin market.
BNB, XRP, ADA, MATIC, DOT, and ATOM all showed declines of between 2% and 3%, while others such as LTC, SHIB, TRX, SOL, UNI, and AVAX fell even more. Among the majors, Dogecoin lost the most – the day’s trading fell 8.5%.
On the other hand, we have the native cryptocurrency of the Telegram Open Network (TON), which today is the best performing among the top 100 companies. It’s up 10%, which is pretty impressive considering the sluggish market. KAVA is also up there with it, up another 10% on the day.
FLOW is the worst performer, along with DOGE the cryptocurrency is down about 8.5% each. CHZ is also on that list, despite the ongoing hype around the World Cup in Qatar.
In general, the market has been sleeping, probably waiting for the CPI release tomorrow, along with the expected testimony of Sam Bankman-Fried before the US Congress.
Bitcoin Post Dropped Below $17K As TON’s TON Up 10% (Market Watch) Debuts On CryptoPotato.