Cryptocurrency

Bitcoin Remains Calm at $17K After Latest US Job Report (Weekend Watch)


The latest US job report brought some brief volatility for bitcoin, but the asset remained calm overall, around $17,000.

Most altcoins are also quite stagnant now, and the only exceptions are UNI, LEO, and QNT.

Bitcoin Calms at $17K

Following last weekend’s lack of any volatility, bitcoin headed straight south on Monday, dipping to $16,000. The bulls stepped up at this point and pushed it north to almost $17,000.

After a few days of being unable to break above that level, this finally happened on December 1 when the asset skyrocketed to $17,250, which became its highest price level in over two weeks.

Nevertheless, the generally bearish sentiment didn’t allow any further increases, and BTC returned to $17,000. This was expected to change yesterday when the US was set to reveal the latest job report about November.

As it beat expectations, BTC started to lose value in line with the largest US-based stock market indices. However, bitcoin dipped by just $200 and returned to $17,000 almost immediately.

As such, its market cap and dominance over the alts have remained exactly the same, at $325 billion and 38.2%, respectively.

BTCUSD. Source: TradingView

Larger-Cap Alts Stand Still

Most of the altcoins have failed to produce any substantial price moves either. Ethereum went from under $1,200 to above $1,300 in the past several days but has not stalled at just below the latter.

From the larger-cap alts, only Cardano has made a bigger move than 1%. The rest, including Binance Coin, Ripple, Dogecoin, Polygon, Polkadot, Shiba Inu, OKB, and LTC, are with either insignificant gains or minor losses.

UNI, QNT, and LEO are the only exceptions from the top 20 assets by market cap. All three have added somewhere between 5-6% and trade at $6.3, $130, and $4, respectively.

Somewhat expectedly, the crypto market cap is also at the same place as it was yesterday – just over $850 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.



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