Bitcoin Remains Calm in Anticipation of Tuseday’s CPI Release (Weekend Watch)
The cryptocurrency market has remained calm over the past 24 hours with unimpressive volumes, which is rather typical for the weekend. It’s also worth noting that market participants might be cautious before the release of November’s CPI numbers.
Bitcoin Stable at $17K
Bitcoin’s price has failed to produce any significant movements in the past 24 hours and has maintained above $17K for a total of 0.2% gains on the day, according to CoinGecko.
As seen in the chart below, there were no major fluctuations, and the price dipped to a low of slightly below $17,100.
Source: Binance via TradingView
It’s entirely possible for market participants to be careful because there’s an important announcement coming from the US Bureau of Labor Statistics on Tuesday. They will release the numbers for November’s Consumer Price Index, which is largely used as a metric to gauge the inflation rate in the country. It has so far always had a considerable impact on Bitcoin’s price, usually resulting in immediate and massive volatility.
Altcoins in Green but Gains Insignificant
The altcoin market is largely in green throughout the past 24 hours, although the increases are not so significant, as seen in the heatmap below.
OSMO seems to be the best performer for the day, gaining a total of 11.5%, followed by the native cryptocurrency of the decentralized derivatives trading platform GMX, which is up almost 7%.
On the other hand, Axie Infinity’s AXS seems to be taking a breather and is down some 4.8% in the past 24 hours.
Bitcoin’s dominance remains at 37%, showcasing that the market is in somewhat of an equilibrium where altcoins are currently unable to chip away at any of BTC’s share.
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Filed under: Bitcoin - @ December 11, 2022 9:41 am