Bitcoin Flat Around $20K as Volume and Volatility Plunge (Market Watch)
After bitcoin lost the coveted $20,000 mark during the weekend, the asset has remained stuck below it, while the trading volume is missing.
Most altcoins are also quite stagnant on a daily scale. Chainlink is among the few notable performers, with a 5% increase.
Bitcoin Stalls Below $20K
Bitcoin attempted to recover some ground on August 26 when it spiked to $22,000 – a multi-day high at the time. However, the bears were quick to intercept the move and pushed the asset south.
In a matter of hours, BTC had lost almost $2,000 and was dangerously close to breaking below $20,000. Althought it managed to defend that level at first, it felt almost inevitable that it will drop below it, which happened shortly after.
As such, bitcoin found itself trading beneath $20,000 for the first time in over a month and charted a 7-week low of $19,500 on August 29.
As the month was coming to its end and at the start of September, BTC tried to bounce off but was stopped at $20,000 once again. The asset spent the last few days around that level amid the lack of any substantial trading volume and volatility.
Its market cap stands still beneath $380 billion, and its dominance over the altcoins is below 39%.
LINK Performs Best
The alternative coins, similar to bitcoin, also lost significant chunks of value in the past several days but have remained rather calm on a 24-hour scale.
Ethereum dipped below $1,500 recently but bounced off rather quickly. After a minor daily increase, the second-largest crypto now stands at around $1,550.
Solana, Polkadot, Shiba Inu, and Tron are also slightly in the green now, while Binance Coin, Cardano, Ripple, and Dogecoin are with minor declines.
Chainlink is the best performer from the larger-cap alts, with an increase of almost 5%. As a result, LINK trades above $7.
Nevertheless, the cumulative market cap continues to struggle below the $1 trillion mark.
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OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow