Bitcoin and Ethereum struggle to make headway in a depressed market

Once again, bitcoin (BTC) seems unable to puncture the US$17,000 price resistance, having retreated to US$16,800 this Wednesday morning.

Buyers seem willing to step on to support the BTC/USD pair above US$16,600, but any substantial recovery to levels seen before the FTX crash will likely take longer than expected.

Bitcoin (BTC)’s road to recovery could take a while – Source: currency.com

Ethereum (ETH) dipped nearly 3% to US$1,230 today as it continues to struggle with its own recovery.

Both benchmark crypto assets have been trending sideways for over a week now, indicating depressed demand on the market and weaker investor appetite following the FTX collapse.

Cardano (ADA), Polygon (MATIC), Polkadot (DOT), Ripple (XRP) and the rest of the large-cap altcoin space have also trended downwards.

Dogecoin (DOGE) was one of the poorest performers this morning, having shed around 5% from its market capitalisation.

Decentralised exchange Uniswap (UNI) is down 3%, though the platform remains one of the few positive week-on-week movers.

MultiversX (formerly Elrond) and Trust Wallet Token (TWT) also remain in the green week on week.

Total market value of all crypto assets is US$839bn, following a 1.6% dip over the past 24 hours, while total value locked across all decentralised finance (DeFi) protocols currently stands at US$41.4bn