Bitcoin Remains Calm in Anticipation of Tuseday’s CPI Release (Weekend Watch)

The cryptocurrency market has remained calm over the previous 24 hours with unimpressive volumes, which is somewhat typical for the weekend. It’s additionally value noting that market individuals could be cautious earlier than the discharge of November’s CPI numbers.

Bitcoin Stable at $17K

Bitcoin’s worth has failed to provide any important actions in the previous 24 hours and has maintained above $17K for a complete of 0.2% beneficial properties on the day, in keeping with CoinGecko.

As seen in the chart beneath, there have been no main fluctuations, and the worth dipped to a low of barely beneath $17,100.

Source: Binance through TradingView

It’s solely potential for market individuals to watch out as a result of there’s an essential announcement coming from the US Bureau of Labor Statistics on Tuesday. They will launch the numbers for November’s Consumer Price Index, which is basically used as a metric to gauge the inflation fee in the nation. It has up to now at all times had a substantial impression on Bitcoin’s worth, often ensuing in speedy and big volatility.

Altcoins in Green however Gains Insignificant

The altcoin market is basically in inexperienced all through the previous 24 hours, though the will increase should not so important, as seen in the heatmap beneath.

Source: Quantify Crypto

OSMO appears to be the very best performer for the day, gaining a complete of 11.5%, adopted by the native cryptocurrency of the decentralized derivatives buying and selling platform GMX, which is up nearly 7%.

On the opposite hand, Axie Infinity’s AXS appears to be taking a breather and is down some 4.8% in the previous 24 hours.

Bitcoin’s dominance stays at 37%, showcasing that the market is in considerably of an equilibrium the place altcoins are at the moment unable to chip away at any of BTC’s share.


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Cryptocurrency charts by TradingView.

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About the Author: Daniel