Bitcoin Fights for $20,000 with Crypto Market Cap Below $1T
The crypto market capitalization struggles below $1 trillion as bitcoin and the majority of altcoins have failed to create meaningful increases.
After yesterday’s price drop towards and below $20,000, bitcoin has paused and is struggling to maintain its position above this desired mark.
The cryptocurrencies also had significant losses at the start of the weekend, but most of them are currently stable.
The leading cryptocurrency dropped by more than $4,000 in less than seven days to a monthly low of about $21,000 over the previous week.
It spent most of the previous week trading sideways around that level. The greatest price change occurred on Thursday when the asset attempted to recoup $22,000 but was prevented.
This resulted in more violent outcomes, particularly after Fed Chair Jerome Powell reaffirmed the central bank’s commitment to combating inflation. In a couple of hours, the price of BTC fell by more than $1,000.
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The situation deteriorated Wednesday morning as bitcoin fell below $20,000 for the first time since the middle of July. Since then, it has been unable to regain more than a few hundred dollars, and its market capitalization has stayed below $400 billion.
Altcoins Remain Stable
The alternative currencies lost as much, if not more, than Bitcoin yesterday, but have stayed stable since then.
In the previous twenty-four hours, the price of Ethereum has fallen below $1,500 and has remained at this level. It’s worth mentioning that the second-largest cryptocurrency jumped beyond $1,700 only a few days ago, although there were several signs that a similar event may occur soon. Yesterday, Binance Coin fell sharply, and after another little decrease, it is now trading at $280.
On a daily basis, Ripple, Solana, Dogecoin, Shiba Inu, and Avalanche are also marginally in the red, whilst Cardano, Polkadot, MATIC, and TRON are seeing tiny increases.
After losing $80 billion yesterday, the market capitalization of all cryptocurrencies has stayed considerably below $1 trillion. This is due to the fact that the majority of altcoins with smaller and medium market caps are in the same position.
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