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Market Watch: Telegram’s TON Soars 10%, BTC Slips Below $17K

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The cryptocurrency market remained relatively calm throughout the past 24 hours, bracing for tomorrow’s CPI release and SBF’s testimony.

The market continues to be rather uneventful, perhaps in anticipation of some major happening throughout the week. Bitcoin’s price has slipped below $17K, as the total capitalization sits below $880 billion.

Bitcoin Slips Blow $17K

Bitcoin’s price has been unable to achieve any success above $17K as bears stepped in and pushed it below the coveted mark once again. As seen in the chart below, however, the overall price action has been relatively dormant as the volatility has currently disappeared.

btc_price_chart_121201
Source: Binance via TradingView

The BTC dominance, which tracks its share relative to that of the entire market, has increased slightly throughout the past 24 hours, showing that the major cryptocurrency fared better in comparison.

Altcoins Bleeding Out

For the second day in a row, the altcoins chart decreases, this time a bit more considerably compared to yesterday. The below heatmap is painted mostly in red, showing the struggles of the altcoin market.

cryptocurrency_heatmap_121201
Source: Quantify Crypto

BNB, XRP, ADA, MATIC, DOT, and ATOM are all charting declines between 2% and 3%, while others, such as LTC, SHIB, TRX, SOL, UNI, and AVAX, are down even more. Of the major altcoins, Dogecoin lost the most – trading at an 8.5 decrease for the day.

On the other hand, we have the native cryptocurrency of the Telegram Open Network (TON), which is today’s best performer from the top 100. It’s up 10%, which is very impressive considering the stagnating market. KAVA is also there with it, up another 10% on the day.

FLOW is the worst performer, and together with DOGE, the cryptocurrencies are down about 8.5% each. CHZ is also on that list, despite the ongoing hype around the World Cup in Qatar.

All in all, the market has been dormant, perhaps in anticipation of tomorrow’s release of the Consumer Price Index, together with Sam Bankman-Fried’s expected testimony in front of the US Congress.

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