Bitcoin Retains $17k As Overall Market Volatility Drops: Market Report
- Bitcoin has retained the $17k price level on Dec. 10 while Ether struggles above $1,200, unable to break $1,300.
- The worst performing tokens are Trust Wallet Token (TWT), Chain (XCN), Neutrino USD (USDN), and Curve DAO Token (CRV).
- The best performing cryptocurrencies are Axie Infinity (AXS), Neo (NEO), Celo (CELO), and Compound (COMP).
- The total crypto market liquidation in the last 24 hours amounts to $18.19 million of which Bitcoin makes up $3.89 million.
The crypto market saw a significant decrease in its volatility on Saturday as the majority of cryptocurrencies went down a bit, reversing the gains made on Friday. However, there were some good performers as well, and it is crucial to note that the situation in the market can be seen to change if the world’s biggest crypto coin, Bitcoin (BTC), successfully breaks the $20k price region.
All the trades implemented in the last 24 hours would’ve resulted in slightly losses because in the same duration, Bitcoin (BTC) made a high of $17,280.55 and as of 5:52 am ET, December 10, 2022, the crypto coin is trading at a price of $17,164.40. This marks a drop of about 0.30% in the last 24 hours which is not very high for trades of longer durations.
According to the chart below from PricePredictions, the world’s biggest crypto coin is trending upward on the hourly chart. However, it is crucial to note that the trading volume is still not high enough to consider this as a bullish breakout.
The indicators for the Bitcoin (BTC) price action suggest bearishness for the shorter and longer time frames. However, for a time frame of 30 minutes, a short profit seems like a possibility.
Investors are advised to only place a trade if they are confident on their skills and also, if they are investing only that sum which they are okay losing. While the crypto space is extremely volatile, the past few days have been dominated by the sideways movement of Bitcoin (BTC) which is due to a prolonged crypto winter.
Additionally, according to the per publicly available data, the crypto market Fear and Greed Index’s value has now risen to 27, after rising to 26 from 25 as per our Crypto Market Performance Report for Dec. 9. Furthermore, the market sentiment display “Fear” in the crypto space due to increased uncertainity regarding the future of price action.
The market capitalization of the entire crypto space at the time of publication stands at $854 billion and this value is down 0.59% in the last 24 hours. Moreover, the number of crypto coins have finally reached the 22,000 level which suggests that there is no shortage in the creation and launch of cryptocurrencies as well as blockchain projects.
A major rival to Bitcoin (BTC) and also the world’s second-biggest crypto token, Vitalik Buterin’s Ether (ETH) has dropped close to 1.42% in the last 24 hours and was outperformed by BTC. The price of the token is arond $1,265 at the time writing, which is quite low from the all-time high of $4,900 witnessed in the month of November last year.
The trading volume of the world’s 2nd biggest crypto coin has dropped by almost 29.42%, while that of BTC has also dipped by close to 17%.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounts to $18.19 million of which, Bitcoin makes up $3.89 million while Ether makes up $7.21 million.
Excluding Bitcoin and Ether, the other top 10 cryptocurrencies in the industry are Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC).
All of them are red today with BNB down 1.20% to $287.18; XRP down 0.75% to $0.3879; DOGE down 1.64% to $0.09657; ADA down 0.57% to $0.3131; and MATIC down 2.04% to $0.9062.
On the other hand, the worst performing tokens in the last 24 hours among the top 100, excluding the top 10, are Trust Wallet Token (TWT), Chain (XCN), Neutrino USD (USDN), and Curve DAO Token (CRV).
Interestingly, TWT was down 3.22% to $2.55; XCN was down 4.02% to $0.03776; USDN was down 5.32% to $0.838; and CRV was down 2.97% to $0.6442.
Finally, the best performers in the top 100, not considering the top 10 cryptocurrencies are Axie Infinity (AXS), Neo (NEO), Celo (CELO), and Compound (COMP).
AXS was up 3.87% to $8.38; NEO was up 2.71% to $0.6154; CELO was up 7.77% to $4.46; and COMP was up 2.01% to $40.15.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
