The turn of the bitcoin and crypto market has brought unexpected changes to almost all assets. Prices have fallen with little or no hope of a turnaround. The FTX exchange fiasco bolstered performance as several losses have been recorded across the crypto space.
After the events, Bitcoin price fell below the critical resistance level of $20K. Since then, the primary cryptocurrency has plummeted as its value plummeted to the $17K region.
In the past 24 hours, BTC failed to make any significant positive move. Therefore, the token has decided to consolidate around the $17K level. But there is much doubt brewing whether a storm could follow this new calm in the future.
Bitcoin calms down around $17K
Bitcoin has failed to generate enough volatility that could drive its price higher. The cryptocurrency has been hovering around the $17K level during some trading hours. As of yesterday, BTC has managed to hit $17,424. But the wave couldn’t last long, because the bears suddenly took over.
According to data from Binance, the primary cryptocurrency fell to an intraday low of $16,867. However, the coin gradually climbs upwards. At the time of writing, Bitcoin is trading around $16,835, indicating a decline. It has a market cap of about $326.81 billion and its dominance over the altcoin is 38.33%.
Over the years, different interpretations have been made for prolonged periods of reduced volatility. One is that it is a harbinger of a huge wave. Therefore, the speculation about Bitcoin’s current consolidation could represent the calm before the storm.
Altcoins in the red zone
The crypto market has experienced an overall decline as prices continue to fall. With the strong presence of the bears, the altcoins have painted the market red. This declining trend has further reduced the total market capitalization.
At the time of writing, the cumulative market cap is $853.33 billion. It shows a drop of about 1.39% over the past 24 hours.
The altcoin’s performance was not impressive. Most recorded a drop of between 2% and 6% over the past day.
The worst performers in the past day are BTSE Token and GMX. While the former fell 8.3%, the latter plummeted more than 7.2% in 24 hours.
Other losers include ETH down 3.41%, DOGE down 6.47%, XRP down 2.57%, BNB down 2.38%, MATIC down 3.17%, ADA down 3.11%, and others .
However, the market saw only a few exceptions to the move south. The best performers are AXS from Axie Infinity and SNX from Synthetix Network. While AXS was up 4.4%, SNX registered a 5.4% increase in the past 24 hours.
Featured image from Pixabay, chart from TradingView.com
