Bitcoin Stuck Below $17K, Helium Explodes 27% (Market Watch)
Bitcoin continues to display little-to-no movements and has remained stuck under $17,000.
Most altcoins are also quite stagnant on a daily scale, especially the larger caps. In contrast, Helium has soared by double-digits from the lower-cap alts.
Bitcoin Failed at $17K
After last week’s brief voyage to above $18,000, bitcoin reversed its trajectory and started to lose value somewhat rapidly. This resulted in a price drop to and below $17,000.
The most violent correction came earlier this week when the primary cryptocurrency fell to a three-week low of $16,300. However, the bulls reminded of their presence and pushed the asset north by a few hundred dollars.
Consequently, BTC tried to take down $17,000 in the early hours of December 21 but was stopped. The subsequent rejection drove the asset back down to under that level where it’s currently situated as well, following a non-volatile trading day.
As such, BTC’s market cap has remained around $325 billion, and its dominance over the alts sits at 40%.
Helium Steals the Show
Although more volatile in nature usually, the altcoins have also stalled for the past few days amid Coinbase’s warning that they might suffer as well next year. Ethereum has managed to defend the $1,200 level and sits inches above it once again.
Ripple, Dogecoin, Cardano, OKB, Tron, Shiba Inu, and Litecoin are also slightly in the green with gains of up to 1.5%.
Binance Coin and Polygon have charted insignificant losses, in contrast. Terra Classic has jumped the most from the top 50 coins by market cap by adding 5% of value.
Helium has gained the most from the top 100 digital assets. HNT has skyrocketed by over 27% in a day and trades well above $2.
Overall, though, the crypto market cap has remained stuck as well at just over $800 billion.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.