Bitcoin Struggles Below $17K on Month-Low Trading Volume Day (Weekend Watch)
Bitcoin has not made any decisive moves in days as the asset remains stuck below $17,000. This is expected to an extent today, given the unusually low trading volumes.
As such, the alternative coins have stalled, too, with ETH struggling to sustain above $1,200.
Bitcoin Flat Below $17K
The past two weeks were highly different from one another. The previous one saw massive turbulence propelled by the collapse of once the third-largest cryptocurrency exchange FTX.
Bitcoin reacted with a quick nosedive from over $21,000 to a two-year low of under $16,000. The rollercoaster continued in the following few days, with BTC pumping above $18,000 before it dumped back down to $17,000.
This week, though, has been significantly less eventful in terms of price action. The cryptocurrency has mostly traded around that $17,000 line, with a few unsuccessful attempts to overcome it. The last such occasion came on Friday, but the bears stopped bitcoin in its tracks.
Since then, the asset has been flat, currently sitting a few hundred dollars below $17,000. This comes amid the lowest trading volumes in November.
Despite the current lack of volatility, a popular crypto analyst warned recently that BTC could plummet to below $10,000 if this bear market mimics the previous ones.
Altcoins Stagnant, Too
The usually more volatile alternative coins have also failed to produce any substantial price movements during the weekend, except for yesterday’s gainers APE and ALGO.
Ethereum still stands above $1,200, even though the asset is painfully close to breaking below that level for a few days. Binance Coin is also inches above $270.
Most of the larger-cap altcoins have marked insignificant losses or gains in the past 24 hours. LEO has added the most value daily – almost 3%.
Aside from Algorand, which has retraced heavily today, CHZ has plummeted hard by over 10%. As a result, the asset is back down to $0.22.
Overall, though, the crypto market cap has remained calm at around $830 billion.
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