Bitcoin Remains Calm Awaiting Tuesday’s CPI (Weekend Watch) Release
The cryptocurrency market has remained calm in the last 24 hours with unimpressive volumes, which is quite typical for the weekend. It is also worth noting that market participants may be cautious ahead of the release of November’s CPI figures.
Bitcoin Stable at $17K
Bitcoin’s price has failed to produce any significant moves in the past 24 hours and has remained above $17K for a total gain of 0.2% on the day, according to CoinGecko.
As shown in the chart below, there were no major swings and the price fell to a low just below $17,100.
It is entirely possible for market participants to be cautious because there is an important announcement coming from the US Bureau of Labor Statistics on Tuesday. They will release the figures for November’s consumer price index, which is largely used as a calculation to measure the inflation rate in the country. It has so far always had a significant impact on Bitcoin’s price, usually resulting in immediate and massive volatility.
Altcoins in the green, but gains negligible
The altcoin market is mostly in the green over the past 24 hours, although the gains are not that significant, as shown in the heatmap below.
OSMO appears to be the best performer of 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 around 4.8% in the last 24 hours.
Bitcoin’s dominance remains at 37%, showing that the market is in something of an equilibrium where altcoins are currently unable to chip away at any of BTC’s share.
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Cryptocurrency charts by TradingView.
