Cryptocurrency Market Cap Below 1TB, Bitcoin Battles for $20K (Weekend Hour)

After yesterday’s price dip towards $20,000 and below, Bitcoin has stalled and struggled to stay above the desired line.

Altcoins were also successful at the start of the weekend, and most of them are now sitting quietly.

Bitcoin fights for 20 thousand dollars

The past week was particularly bad for the core cryptocurrency, which shed more than $4,000 in less than seven days to a monthly low of around $21,000.

He has spent most of the last week around that level, trading sideways. The biggest price swing came on Thursday when the asset attempted to recover $22,000 but was stopped in its tracks.

This has led to more violent consequences, especially after Federal Reserve Chairman Jerome Powell reiterated the central bank’s stance on fighting inflation. Within a few hours, BTC dropped by more than a thousand.

The scene worsened yesterday morning as Bitcoin plunged again, dropping below $20,000 for the first time since mid-July. Since then, it has not been able to recover more than a few hundred dollars and is now just above that level, which means that its market value has remained stuck below $400 billion.

An overview of the cryptocurrency market. Source: Quantify Crypto

Altcoins sit tight

Altcoins suffered as hard as BTC, if not more, yesterday but have been quiet ever since.

Ethereum fell below $1,500 in the last 24 hours and is still hovering around that level. It is worth noting that the second largest cryptocurrency only crossed $1,700 a few days ago, but there have been several warning shots that something similar could happen in the near term.

Binance coin fell sharply yesterday, and after another slight drop, it is trading at $280 today.

Ripple, Solana, Dogecoin, Shiba Inu, and Avalanche are also found to be slightly red on a daily scale, while Cardano, Polkadot, MATIC and TRON are making small gains.

With most of the low and mid-caps in the same boat, the total cryptocurrency market cap was well below $1 trillion after losing $80 billion yesterday.

An overview of the cryptocurrency market.  Source: Quantify Crypto
An overview of the cryptocurrency market. Source: Quantify Crypto

Crypt Market Cap After $1T, Bitcoin Battles for $20K (Weekend Watch) debuted on CryptoPotato.

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