Sideways Trends in the Crypto Space
As of December 3rd, the cryptocurrency market seems to be stuck in a bit of a time warp, with most assets mirroring the struggles of Bitcoin (BTC). The world’s largest cryptocurrency has found it particularly challenging to break past its stagnation, trading primarily in a sideways manner.
Bitcoin’s Daily Performance
Starting the day off at $7,344, Bitcoin saw a bit of drama as it dipped down to an intra-day low of $7,230 before stabilizing back to around $7,340. After all the ups and downs of the last 24 hours, Bitcoin’s daily performance concludes with a modest gain of 0.5%. If only all our mornings started with such excitement!
Bears are Sniffing Around
According to Cointelegraph contributor Benjamin Pirus, the enthusiasm surrounding Bitcoin has fizzled with the realization that its larger downtrend isn’t showing signs of reversing. After a brief spike to $7,875 last week, things have taken a turn for the worse, with bears eyeing a potential plunge to the $5,000 mark. Talk about a bearish brunch!
Ether and XRP: A Synchronized Swim
Ether (ETH) is keeping pace with Bitcoin’s lethargy, starting its day by bouncing off a low of $146 to settle around $149. Much like that friend at a party who can’t seem to leave when things are getting dull, Ether too shows a minuscule loss of 0.5%. Meanwhile, the third-largest cryptocurrency, XRP, is also following the downward path, trading at $0.220 with a loss of 0.3% for the day, continuing its trend from over two years ago.
Top Altcoins’ Performances
- Tezos (XTZ): Making a splash with a 3.5% gain.
- Bitcoin SV (BSV): Not the talk of the party, down nearly 4%.
Most of the top 20 altcoins seem to be treading cautiously within a range of 1% in losses or gains today. It looks like excitement is in low supply across the board.
Market Overview
The cryptocurrency market capitalization currently hovers around a hefty $199.1 billion, with Bitcoin contributing a hefty 66.6% of this total. In a world where fortunes can change at the drop of a hat, it seems Bitcoin is still the king, albeit a very stagnant one right now.
