The cryptocurrency market has been largely unchanged over the past 24 hours. Bitcoin price still could not reclaim $17,000, while the majority of altcoins also failed to chart any notable gains.
Bitcoin price remained below $17K
Bitcoin consolidation continues below $17K. At the time of writing, the cryptocurrency is trading around $16,750 and has failed to produce anything of significance in the past 24 hours. The weekly candlestick closed below $17k, which was disappointing and shows the lack of buyers.
It should be noted that long periods of low volatility are usually precursors to big moves, so it is important to be vigilant as cryptocurrency markets rarely remain quiet for long.
At the same time, it is also evident that market participants are reluctant to accumulate aggressively, perhaps in anticipation of the price drop caused by FTX infection. Just today, Dutch exchange Bitvavo said that DCG had encountered liquidity problems.
Altcoin volatility is disappearing
Bitcoin dominance remains unchanged. Analysts use the metric to gauge their share relative to the rest of the market. This means that altcoins cannot benefit from indecision in the Bitcoin price.
As shown in the heatmap below, most of them have charted very small gains or losses over the past 24 hours.
The best performer today is Toncoin (TON). The open network’s native cryptocurrency continues to defy expectations amid the raging crypto winter, gaining 6% on the day and 35% on the week.
On the other hand, XCN lost the most, down 11% in the last 24 hours. It is also worth noting that the Bitcoin Fear and Greed indicator currently shows that the dominant market sentiment is “fear”. That’s a slight improvement over the past two weeks, but it’s still near the lower end of the spectrum.
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