Total Crypto Market Value Struggling Below $1 Trillion & Bitcoin Resisting Above $20K
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Answer Total Crypto Market Value Struggling Below $1 Trillion & Bitcoin Resisting Above $20K
After yesterday’s bitcoin price dropped to around $20,000 and below, the bitcoin has stopped volatility and is now struggling to stay above the $20,000 level.
Altcoins also suffered at the start of the weekend, and most are trading quietly now.
Bitcoin fights to stay above $20k:
The past week has been particularly damaging for the primary cryptocurrency, which has sunk more than $4,000 in less than seven days to a monthly low of around $21,000.
Bitcoin has spent most of the past week around this level, and has been trading sideways.
The biggest price volatility came on Thursday when bitcoin tried to recover $22,000 but was stopped on track.
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This led to more violent consequences, especially after Federal Reserve Chairman Jerome Powell reiterated the central bank’s stance on fighting inflation.
Within hours, the price of Bitcoin plummeted.
The scene worsened yesterday morning when Bitcoin plunged again and fell below $20,000 for the first time since mid-July.
Since then, Bitcoin has been unable to recover more than a few hundred dollars and is now just above that level, which means that its market capitalization has remained steady at just under $400 billion.
The Suffering of Alternative Digital Currencies:
Altcoins have suffered as badly as Bitcoin, if not more, but they have remained quiet ever since.
Price fell below $1,500 in the last 24 hours and is still sitting around that level.
It is worth noting that the second largest cryptocurrency rose above $1,700 just a few days ago, but there were several warning shots that something negative could happen in the short term.
Binance tumbled sharply yesterday, and after another drop, it finds itself trading at $280 today.
With most of the lower and mid-cap altcoins affected by Bitcoin and sharing the same boat with it, the total market cap of cryptocurrencies remained well below $1 trillion after losing $80 billion yesterday.
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