Bitcoin Barely Holds $17k, Altcoins not Looking Good: Market Watch
- Bitcoin barely retains $17k while altcoins have turned bearish on Monday. Ether has retained price action at $1,250.
- The worst performing tokens are Trust Wallet Token (TWT), Flow (FLOW), Chiliz (CHZ), and Apos (APT).
- The best performing cryptocurrencies are Toncoin (TON), Bitcoin SV (BSV), Dash (DASH), and GMX (GMX).
- The total crypto market liquidation in the last 24 hours amounts to $66.3 million of which ETH makes up around $13.92 million.
The world’s biggest cryptocurrency, Bitcoin (BTC), has come a long way since its inception, but many investors are now facing something that has shaken them to their boots, a crypto winter prolonged by the collapse of FTX and others. Owing to this winter, BTC has not been able to make a move towards $20k and can be seen barely holding the $17k price level.
While Bitcoin hasn’t moved much, altcoins have went down by a considerable amount, including the other coins in the top 10. Traders can also experience a slight surge in selling volume which could be a result of miners selling or people taking profits in anticipation of the release of November’s Consumer Price Index (CPI) numbers on Tuesday.
As of 9:25 am ET Monday, the price of 1 Bitcoin (BTC) stands at $17,006, down 0.88% in the last 24 hours while in the last seven days, the price has fallen by around 1.88%. While the volatility of the leading crypto coin has remained on the lower side for the past week, the accumulation of the oldest crypto coin is slowly on the rise which is a positive sign.
The market dominance of Bitcoin stands at 38.83% while the trading of the cryptocurrency has jumped by 48.40% in the last 24 hours which is another positive sign for a new day. It is possible that volatility might increase now that volume is a bit up.
As seen in the chart below from PricePredictions, the world’s biggest crypto coin is trending upward on the hourly chart, gradually making higher highs. The chances of retaining $17k are once again increasing after Bitcoin (BTC) lost the same for a short moment late Sunday.
Bitcoin (BTC) signals indicate that the leading crypto coin has turned bullish on the 5 and 15 minutes timeframe. However, the longer time periods remain bearish as per the chart below.
Additionally, as per the publicly available data, the crypto market’s Fear and Greed Index’s value has once again risen to 27, after rising from 25 to 26 as per our Crypto Market Performance Report for Dec. 11. Moreover, the market sentiment reads “fear,” which indicates that investors are unsure of the future price action of cryptocurrencies.
Furthermore, the market cap of the entire crypto space at the time of publication stands at $842 billion, and this value is down 1.60% in the last 24 hours. Moreover, the number of crypto coins is 22,011, as listed on CoinMarketCap.
It is also crucial to note that Vitalik Buterin’s Ether (ETH) token, which is the closest competitor to Bitcoin, has underperformed and dropped 1.68% in the last 24 hours and is currently priced at $1,250. The trading volume of the crypto coin has surged 64.02% while the market dominance stands at 18.16%.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounts to $66.10 million of which, Bitcoin makes up $10.03 million while Ether makes up $13.92 million.
The other top 10 cryptocurrencies show bearish movements with BNB down 4.46% to $276.50; XRP down 3.06% to $0.3751; DOGE down 8.20% to $0.08851; ADA down 2.37% to $0.3046; and MATIC down 2.63% to $0.8822.
Interestingly, TWT was down 8.89% to $2.39; FLOW was down 8.63% to $09287; CHZ was down 8.81% to $0.1362; and APT was down 8.23% to $4.42.
TON was up 6.33% to $2.06; BSV was up 4.27% to $45.48; DASH was up 3.30% to $48.34; and GMX was up 2.81% to $58.26.