Bitcoin Calm at $17K after the Latest US Jobs Report
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Answer Bitcoin Calm at $17K after the Latest US Jobs Report
The US jobs report generated some short volatility for bitcoin, but the asset remained quiet overall, around the $17,000 level.
Most altcoins are also quite stagnant now, the only exceptions being UNI, LEO, and QNT.
Bitcoin price calms down at $17,000:
After having virtually no volatility at the end of last week, bitcoin went straight south on Monday, dropping to $16,000.
The bulls rallied at this point and pushed the coin north to just above the $17,000 level.
After a few days of not being able to break through this level, it finally happened on December 1st when bitcoin price rose to $17,250, which became its highest price level in more than two weeks.Read:Is KuCoin Cryptocurrency Exchange In Trouble? The Dutch central bank thinks so
However, the overall downtrend did not allow any further increases, and Bitcoin price returned to the $17,000 level.
This was expected to change yesterday when the US was due to reveal its latest jobs report for November.
Exceeding expectations, Bitcoin started to lose value in line with the largest stock market indexes in the USA.
Bitcoin price fell by $200 and returned to the $17,000 level almost immediately.
As such, the market capitalization and dominance of Bitcoin over altcoins has remained largely unchanged.
Stability of altcoin prices:
Most of the altcoins failed to produce any significant price movements either.
The price of Ethereum went from under $1,200 to over $1,300 in the past several days but stopped at the $1,200 levels.
Altcoins with the largest market capitalization have had the same volatility as Bitcoin, moving in a range of 0.5% – 3%.Read:US Senator Cynthia Loomis plans to introduce a comprehensive Bitcoin bill in 2022
The slight and minor movement and fluctuation of the price of Bitcoin and altcoins made the total market capitalization almost in place above the $850 billion level.
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