After The Latest US Job Report, BTC Stays Calm At $17k. (Weekend Watch)
Even though the US jobs report was better than expected, it didn’t cause huge price changes for BTC like it has in the past.
The most recent US jobs report caused bitcoin to be volatile for a short time, but overall, the asset stayed stable around $17,000.
Most altcoins are also pretty stable right now, with UNI, LEO, and QNT being the only ones that aren’t.
Bitcoin Is Quiet At $17k
After not moving at all over the weekend, bitcoin went straight down on Monday, dropping to $16,000. At this point, the bulls stepped in and pushed it up to almost $17,000.
After a few days of not being able to break above that level, it finally happened on December 1 when the asset shot up to $17,250, which was its highest price in over two weeks.
Still, most people were still bearish, so BTC couldn’t go up any further and went back to $17,000. Yesterday, when the US was supposed to release its latest job report for November, this was supposed to change.
As it did better than expected, BTC started to lose value along with the biggest stock market indices in the US. But bitcoin fell by only $200 and went back up to $17,000 almost right away.
As a result, its market capitalization has stayed the same at $325 billion, and it still has 38.2% of the alts.
Source: Trading View
Large-Cap Alternatives Are Stable
Most of the altcoins haven’t caused their prices to change much either. In the past few days, Ethereum went from being worth less than $1,200 to being worth more than $1,300. However, it has not stopped just below $1,300.
Only Cardano has moved more than 1% among the alts with bigger market caps. The rest, including Binance Coin, Ripple, Dogecoin, Polygon, Polkadot, Shiba Inu, OKB, and LTC, have either small gains or small losses.
Only UNI, QNT, and LEO are not in the top 20 assets by market capitalization. All three have gained between 5% and 6%, and they now trade at $6.3, $130, and $4, respectively.
The total value of the cryptocurrency market is still just over $850 billion, which is about where it was yesterday.
