The overall cryptocurrency market saw minor gains over the past 24 hours as prices corrected from yesterday’s losses. The aggregate value of all coins has increased by 1%, with most top-10 currencies barely gaining or holding steady. Bitcoin faced stiff rejection at $17,000 which acted as the previous key support level, and the market appears to be consolidating as traders wait for a clear direction.
Immutable and XDC are leading in terms of gains, with 9.93% and 6.63% respectively. On the other hand, Chain XCN is down 11.26%, while Ripple (XRP), Litecoin and MATIC are mostly unchanged. The market analysts site that once stable coins & altcoins are hit with full regulation all of the money will move into Bitcoin.
The overall market sentiment remains bearish, with many analysts expecting a sharp correction in the near term. Despite the recent gains, it is unlikely that we will see a sustained rally until Bitcoin has firmly established itself above $17,000 and the altcoins are showing consistent gains. Ethereum has remained resilient in the previous days, holding above $1,100 for a couple of previous days.
With respect to the crypto investment landscape, in addition to broader economic conditions, there are presently various matters of concern – the ongoing FTX fiasco and Binance anxiety remain prevalent. The market seems to be digesting the news but the effects of these occurrences still remain to be seen.
Bitcoin gave away last week’s gains after the rejection at $17,000. The price traded back down toward its 50-day moving average ($16,700) before forming a bullish candle and pushing higher. Currently, BTC is trading around $16,800 with the daily low at $16,400 and the high at $17,140.
On Ethereum’s side, ETH is trading at $1,20.15 with a low of $1,180 and a high of $1,220. The daily chart shows that the price is consolidating in the current range before deciding its next direction.
Bitcoin and Ethereum trend attributes to other coins’ performance, therefore the current bearish sentiment might remain in control of the market until a clear direction is established on both coins.
The crypto market appears to be in a consolidation phase, with traders waiting for the next directional move. While some analysts expect a sharp correction in the near term, an upside break could also be on the cards if Bitcoin manages to establish itself above $17,000.