January 28, 2023

The market remains fairly calm, perhaps in anticipation of some major events during the week. Bitcoin’s price has fallen below $17,000 as its total capitalization is below $880 billion.

Bitcoin Slips Blow $17K

Bitcoin’s price has been unable to achieve any success above $17,000 as bears stepped in and pushed it below the much-coveted mark once again. However, as can be seen in the chart below, the overall price action has been relatively dormant as volatility has dissipated for the moment.

btc_price_chart_121201
Source: Binance via TradingView

BTC’s dominance, which tracks its share relative to that of the entire market, has increased slightly over the past 24 hours, showing that the major cryptocurrency has outperformed by comparison.

Altcoins are bleeding out

For the second day in a row, the altcoins chart is falling, this time slightly more sharply than yesterday. The heatmap below is mostly painted in red and shows the struggles of the altcoin market.

cryptocurrency_heatmap_121201
Source: Quantify Crypto

BNB, XRP, ADA, MATIC, DOT, and ATOM are all showing drops between 2% and 3%, while others such as LTC, SHIB, TRX, SOL, UNI, and AVAX are down even more. Of the major altcoins, Dogecoin lost the most – trading down 8.5 for the day.

On the other hand, we have the native cryptocurrency of the Telegram Open Network (TON), which is currently the best performer out of the top 100. It is up 10%, which is very impressive considering the stagnant market. KAVA is also included, up another 10% on the day.

FLOW is the worst performer and along with DOGE, cryptocurrencies are down about 8.5% each. CHZ is also on that list, despite the ongoing hype around the World Cup in Qatar.

All in all, the market has been dormant, perhaps anticipating the release of the Consumer Price Index tomorrow, along with Sam Bankman-Fried’s expected testimony before the US Congress.

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Cryptocurrency Charts by TradingView.

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