The cryptocurrency market has been calm for the past 24 hours with unimpressive volumes, which is pretty typical for the weekend. It is also worth noting that market participants may be cautious ahead of the release of the November CPI figures.
Bitcoin stable at $17K
The Bitcoin price has not produced any significant movement in the last 24 hours and has held above $17,000 for a total gain of 0.2% on the day, according to CoinGecko.
As seen on the chart below, there were no major fluctuations and the price fell to a low of just under $17,100.
Source: Binance via TradingView
Market participants may very well be careful because there will be a major announcement on Tuesday from the US Bureau of Labor Statistics. They will release November Consumer Price Index numbers, which is largely used as a measure to gauge the inflation rate in the country. Until now, it has always had a sizeable impact on the Bitcoin price, usually leading to immediate and massive volatility.
Altcoins in the green but negligible gains
The altcoin market has been largely in the green for the past 24 hours, although the increases are not that significant, as seen in the heat map below.
Source: quantify crypto
OSMO appears to be the best performer of the day, gaining a total of 11.5%, followed by decentralized derivatives trading platform GMX’s native cryptocurrency, which is up almost 7%.
On the other hand, Axie Infinity’s AXS appears to be taking a breather and is down 4.8% over the past 24 hours.
Bitcoin dominance remains at 37%, showing that the market is in something of an equilibrium where altcoins are currently unable to remove any part of BTC’s share.
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TradingView cryptocurrency charts.
This post Bitcoin remains calm ahead of Tuesday’s CPI release (weekend watch)
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