Bitcoin looked remarkably stable Wednesday, trading around $16,780 as traders wrestled with the uncertain market outlook for next year.

The largest cryptocurrency by market capitalization has been moving sideways at the range between $16,700 and $16,900 in the past 24 hours.

“Bitcoin isn't getting much of a boost from the positive risk-on environment that is running through Wall Street,” Edward Moya, senior market analyst at foreign exchange Oanda, wrote in a Wednesday note.

Ether (ETH) followed a similar trajectory, trading flat at $1,210. CoinDesk Market Index (CMI) was down 0.16%.

(by Jocelyn Yang)