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Will 2023 Finally End Bitcoin Price’s Stagnancy Amid $17K?

With the end of the year approaching fast, the primary cryptocurrency continues to remain stuck at familiar ground at just over $17,000, begging the question if that’s about to change anytime soon.

Most altcoins are also quite stagnant on a daily scale, aside from OKB, which has jumped by over 5% after the recent OKX proof-of-reserve statement.

Bitcoin Boring Below $17K

The past week saw a substantial price decline from bitcoin when the asset fell to a three-week low at $16,300 on December 20. However, the bulls intercepted the move and pushed the asset back up by $500.

The US announced its GDP data on Thursday, and the PCE numbers came out on Friday, both of which were expected to bring some more volatility to the market. However, while the US stock market went down, BTC remained relatively flat, aside from a brief price drop.

The weekend started with bitcoin standing close to $17,000, and the asset has not moved an inch since then. It trades at $16,800 as of now as well on low trading volumes.

Somewhat expectedly, its dominance over the altcoins and its market cap have not moved either. The former stands at 40%, while the latter is at $325 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

OKB Stands Out

Most of the altcoins have failed to produce any significant movements in the past two days as well. Ethereum had a battle with $1,200 earlier this week, which it seems to be winning so far as it trades $20 above that line.

Binance Coin, Cardano, Ripple, Dogecoin, Shiba Inu, Polygon, Polkadot, and Tron are essentially at the same price spots they were yesterday, with swings of less than 1%.

OKX’s native cryptocurrency is the best performer from the larger-cap alts, just a few days after the exchange published its latest proof-of-reserve report, showing a 101% reserve ratio. OKB is up by over 5% on a daily scale and trades at $23.

With the lack of any big moves, the crypto market cap remains stuck at $810 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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