Market Hopes Are Fading, BTC's Attempt To Conquer $17K Level Fails!


 Bitcoin is making an attempt to conquer the $17,000 trading level today, but unfortunately the barrier level could not be captured as the price of BTC immediately fell after touching the $17,000 level.

For the alternative cryptocurrency market, the performance of altcoins so far has not been consistent in recording losses or gains. Waima so ETC has shown a jump of 5% in a day.

Less than a week ago, the major cryptocurrency attempted to surge higher at over $18,000. However, the overall bearish market sentiment did not allow the asset to continue its surge further and instead remained stable at the level of $16,000 – $17,000.

BTC started losing over $1,000 at one point. This culminated in a drop to $16,300 registered yesterday, which was bitcoin's lowest price position since late November.

Nevertheless, BTC bounced back quite quickly and added several hundred dollars, rising to more than $17,000 earlier today. Unfortunately, it was only short-lived and the price of TC returned below that level almost immediately.

So far BTC is trading at a market price of $16,838.28 per unit. Its market cap remains around $325 billion, while its dominance of altcoins stands at 40%.

Most of the altcoins also showed the same volatile movements in the last week, but the movement pattern of the last 24 hours was completely different.

Ethereum managed to reclaim $1,200 yesterday following a brief dip below that line and is now right above it after a small daily increase.

Binance Coin, OKB, Tron and Litecoin have also recorded gains of up to 2% in a day. On the other hand, Ripple, Dogecoin, Cardano, Polygon, Polkadot and Shiba Inu suffered minor losses.

Ethereum Classic shows the best returns of the top 50 largest digital assets. It's up about 5% and trading near $17.

Overall, the crypto market cap remains at just over $800 billion.