The market continues to be fairly uneventful, perhaps awaiting some major events throughout the week. Bitcoin’s price has fallen below $17,000 as its total capitalization is below $880 billion.
Bitcoin Ties Blow $17K
Bitcoin’s price has been unable to successfully break above $17K as bears stepped in and pushed it below the coveted mark once again. However, as shown in the chart below, the overall price action has been relatively dormant as volatility has disappeared for the time being.
BTC dominance, which tracks its share relative to the entire market, has increased slightly over the past 24 hours, showing that the major cryptocurrency fared better in comparison.
Altcoins are bleeding out
For the second day in a row, the altcoins chart is falling, this time a bit more significantly compared to yesterday. The heat map below is mostly painted in red, showing the struggles of the altcoin market.
BNB, XRP, ADA, MATIC, DOT, and ATOM all show declines between 2% and 3%, while others, such as LTC, SHIB, TRX, SOL, UNI, and AVAX, are down even more. Of the major altcoins, Dogecoin lost the most – trading down 8.5 for the day.
On the other hand, we have the native cryptocurrency of Telegram Open Network (TON), which is today’s best performer from the top 100. It is up 10%, which is very impressive considering the stagnant market. KAVA is also involved, up a further 10% on the day.
FLOW is the worst performer, and together with DOGE, the cryptocurrencies are down about 8.5% each. CHZ is also on that list, despite the ongoing hype surrounding the World Cup in Qatar.
Overall, the market has been dormant, perhaps in anticipation of tomorrow’s CPI release, along with Sam Bankman-Fried’s expected testimony before the US Congress.
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Cryptocurrency charts by TradingView.