Weekend Watch: Terra Classic (LUNC) Jumps 6%, Bitcoin Flat Amid $17K

Time Stamp: December 24, 2022 4:21 AM

The latest PCE data announced by the US yesterday brought little volatility to the crypto market, in which BTC dropped by a few hundred dollars but recovered almost immediately.

The altcoins are still on a daily scale, with a few exceptions in the likes of Terra Classic, Decentraland, and Lido.

Bitcoin Remains Chill at $17K

Bitcoin dropped to a 3-week low on December 20 at $16,300 but reclaimed almost all lost value in less than a day. Another price decline two days later saw the asset slipping to $16,500, but it bounced back off to $16,800 hours later.

The end of the working week saw two major announcements from the US – about the GDP (an increase of 3.2% in Q3) and the PCE numbers, which is an inflation gauge that covers consumer costs. Both had little impact on BTC, while the largest US stock market indexes experienced more volatility, closing the trading days in the red.

Yesterday, bitcoin fell by $100 from its familiar spot of $16,800 before it shot up by $200 to an intraday low of just shy of $17,000. However, the asset has returned to $16,800 once again ahead of Christmas Eve.

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This means that there are no real movements in its market cap (calm at $325 billion), and its dominance over the alts is still at 40%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LUNC Marks 6% Increase

Most of the altcoins have mimicked BTC’s performance in the past 24 hours, meaning they are quite stagnant. Ethereum has sustained above $1,200 as it sits flat on a daily scale.

Binance Coin, Dogecoin, Cardano, Polygon, OKB, Tron, Shiba Inu, Litecoin, and Polkadot are all with insignificant losses.

Solana has dropped the most from the larger-cap alts. A 5.3% decline on a 24-hour scale has pushed SOL down to just over $11.

LUNC has popped as today’s top performer, with a 6% increase, followed by Decentraland (5%) and Lido (4.5%).

Overall, though, the crypto market cap has remained still at just over $810 billion on CoinMarketCap.

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

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