The spell of stagnancy continued in the crypto market amidst a sea of uncertainty.
Crypto markets witnessed another day of low volatility as Bitcoin, and other altcoins refused to budge from their previous positions. Bitcoin initially showed signs of drawing closer to $17000 but couldn’t touch that figure. The total market capitalization of the crypto markets fell to $817.65 billion. Volumes increased in the precious 24 hours by 22.94% to touch $27.22 billion. The crypto markets have been broadly trading in a tight range since the last month of 2022.
Analysts are widely divided on the next course of action for the crypto market. While some believe that BTC may be triggered after the prolonged period of low volatility, others believe that Bitcoin may continue at the present state until some certainty is observed in the world economy. The presence of large numbers of investors and traders in the markets has been absent for a long time. On the macroeconomic front, the same issues of 2022 have been carried forward to 2023. The world continues to battle high inflation levels, supply chain issues, and increasing interest rates.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16800 on January 6, 2023, with BTC/USD down by 0.10% in the last 24 hours. BTC/USD is trading below its 20-day EMA (16,912.04), with most altcoins going trading sideways. Several countries have moved forward in regulating crypto, which is a silver lining for the crypto industry in these times.