Bitcoin Drops Below $19,000, TerraClassicUSD Rise 13% (Market Watch)

Bitcoin continues to trade within a narrow range, with the biggest volatility in the past 24 hours coming when the asset briefly dropped below $19,000.

Altcoins are also unusually stable. Terra’s native cryptocurrency is among the top performing coins today.

Bitcoin drops below $19,000

Last weekend provided quite a few fireworks for the primary cryptocurrency, which rose from $19,000 to below $18,200 and back to $20,000 in less than 24 hours following the release of the latest US CPI figures.

It failed to break $20,000, as with the previous examples, and went back to $19,000. The weekend was fairly quiet, with little or no movement in either direction. So it was on Monday.

The landscape began to change on Tuesday as the asset began a move that led to approaching $20,000 again. However, the scenario repeated itself and Bitcoin stalled in its tracks.

After returning to a familiar $19,000 scene, bitcoin has calmed down, except for a brief dip below that level. However, it managed to recover minor losses and is now above $19,000 again.

This comes amid reports claiming that BTC holdings by private investors have reached a new all-time high, while whales have fallen to a 3-year low.

BTCUSD. Source: TradingView

USTC on the way

Altcoins largely mimic the performance of BTC over the past few days, which means that most of them are uncharacteristically stagnant on a daily scale now.

Ethereum rose to $1,350 earlier this week, but failed there, back to $1,300 yesterday and is now below that level.

Cardano, Solana, Matic, Sheba Inu, Troon and Uniswab also recorded lower daily declines. In contrast, Binance Coin, Ripple, Dogecoin, and Polkadot all appear somewhat green.

XCN and USTC added the most value of the day – up 13-15%. As a result, the former is at $0.0715, while the latter is close to $0.04.

However, with most crypto assets trading without any significant movement, the total market capitalization remained well at $925 billion.

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

After Bitcoin drops below $19K, TerraClassicUSD Spikes 13% (Market Watch) debuts on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *