Altcoins grind higher as Bitcoin bulls fail to push above $17,000

Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!

(Kitco News) – Little has modified within the crypto market over the previous 24 hours as nearly all of the highest tokens proceed to commerce inside a good vary whereas buyers stay sidelined due to considerations associated to the continuing spat between the cryptocurrency alternate Gemini and the Digital Currency Group (DCG).

With the DCG being one of many largest enterprise capital funds within the ecosystem, the prospect of shady fund administration and the potential for one more high-profile chapter is inflicting crypto buyers to take a wait-and-see method earlier than placing extra money into the market.

The conventional markets additionally noticed one other day of sideways buying and selling as the discharge of the minutes from the Fed’s December coverage assembly confirmed that officers from the central financial institution don’t have any intention of reducing rates of interest in 2023. The hawkish report reversed the good points achieved within the morning session however a late push into the shut helped raise the S&P, Dow and Nasdaq into the inexperienced, closing up 0.75%, 0.40%, and 0.69% respectively.

Data from TradingView reveals that Bitcoin (BTC) bulls tried to push the highest crypto above resistance at $17,000 close to noon however have been soundly rejected by bears, which resulted in Bitcoin’s worth pulling again to assist at $16,800.

BTC/USD 4-hour chart. Source: TradingView

Kitco’s veteran technical analyst Jim Wyckoff famous the continued sideways buying and selling in his morning Bitcoin replace, saying that “While buying and selling stays sideways and uneven total, the bulls have gained some momentum this week,” including that “Traders are ready for a spark to ignite extra risky worth motion.”

The stagnant market circumstances have been additionally highlighted in the newest market report from Arcane Research, which famous that “BTC and ETH have skilled slight declines within the earlier seven days however commerce in a really secure worth vary.”

According to the analysts, “The present stale worth motion is mirrored in BTC’s volatility, which has slumbered towards uncommon lows, evident by the 7-day volatility in BTC, reaching lows not seen since July 2020. The dwindling volatility is accompanied by spot volumes drying up and the futures market reigning in a flat regime.”

Overall, the prevailing consensus is that the market will proceed to commerce sideways for the foreseeable future, with market analyst Michaël van de Poppe pointing to the vary between $16,500 and $16,600 as a potential entry level for an extended place.

Altcoins within the inexperienced

On the entire, the altcoin market trended constructive on Wednesday as nearly all of tokens noticed good points starting from 1-6%, which got here as a nice shock to many crypto buyers.

Daily cryptocurrency market efficiency. Source: Coin360

The prime performers on the day included a breakout efficiency by XYO (XYO), which posted a achieve of 83.4% to commerce at $0.0088, adopted by a 19.84% achieve for Ethereum Classic (ETC) and a 19.05% enhance for Synapse (SYN).

The total cryptocurrency market cap now stands at $817 billion, and Bitcoin’s dominance price is 39.6%.

Disclaimer: The views expressed on this article are these of the creator and should not mirror these of Kitco Metals Inc. The creator has made each effort to guarantee accuracy of knowledge offered; nevertheless, neither Kitco Metals Inc. nor the creator can assure such accuracy. This article is strictly for informational functions solely. It isn’t a solicitation to make any alternate in commodities, securities or different monetary devices. Kitco Metals Inc. and the creator of this text don’t settle for culpability for losses and/ or damages arising from using this publication.

Recommended For You

About the Author: Daniel