The cryptocurrency markets continue to experience low trading volumes caused by tepid investor sentiment following the FTX collapse.
As a result, Bitcoin (BTC) appears trapped in a sideways trading position, unable to break through the US$17,000 price point.
The BTC/USD trading pair fell around 1.5% yesterday and dipped another 0.1% to US$16,800 this Thursday morning.
While Bitcoin is unlikely to plummet further barring a substantial catalyst, strong sell walls pitched at US$16,900 and US$17,000 are proving tough resistance points.
When will bitcoin (BTC) manage to regain October highs? – Source: currency.com
Ethereum (ETH) faces the same issues, having carved a further 3% of losses in yesterday’s session to close at US$1,230 where the coin has remained since.
December is a historically underperforming month for the crypto markets, but while further losses cannot be ruled out, investors are hopeful that the floor has been reached.
Elsewhere in the altcoin space, Ripple (XRP) remains one of the weaker performers in the large-cap space, trading nearly 4% down week on week.
Cardano (ADA) and Polkadot (DOT) have managed to keep losses below 2%, while Litecoin (LTC) and Polygon (MATIC) are sitting somewhere in between.
Dogecoin (DOGE) is performing poorly, having carved over 6% from its now US$12.8bn market capitalisation, yet its meme coin competitor Shiba Inu (SHIB) seems to be outpacing the market, having kept losses under half a percent.
Top daily risers this Thursday include lending platform Nexo, the EOS blockchain and derivatives exchange Synthetix (SNX).
Global crypto market cap is currently below US$842bn, while total value locked in the decentralised finance (DeFi) space is US$42.2bn.