The crypto market hasn’t been propitious since the Fed’s interest rate hikes. The financial markets are shedding as the fight against inflation gets more intense. Numerous coins trade in reds, instead of recovering like investors expected.
Bitcoin and other altcoins have lost their last week’s gains and are now struggling to remain at expected levels. The trading prices for many of these assets were very low as of September 5th, which indicates a difficult week ahead.
Related reading: Ethereum (ETH), struggles ahead Of the Merge. Is it possible to test $1,900 in price?
Apart from price loss, bitcoin’s dominance has fallen below 39%, and its market cap has remained below $380 billion. This metric measures the relative performance of bitcoin and other altcoins. If the number is large, this means that bitcoin outperformed other altcoins and vice versa. Source: BTCUSD chart from TradingView.com
BTC Struggles For $20K Mark
Bitcoin prices lost ground on the $20K mark. Today’s price for bitcoin is BTCTradingView currently shows the price at $19687 Further, the BTC price at CoinMarketCapIt has shown that it has experienced a loss of 0.57% within 24 hours.
The Bitcoin price fluctuated from August 13-19 between $24K-$23K. On August 19, the Bitcoin price dropped to $24K and $23K respectively, which caused panic among the market. BTC increased to $21K on the following day. The market remained at this level until August 26th, when it was relegated to the reds by the Feds.
BTC had lost over $1k by the close of the day and the market was closed at $20,260. Although the price fell below that mark the next day, it recovered later. Unfortunately, the coin hasn’t performed well since then.
BTC price struggled to hold $20K from August 27 through September 2. While there were some minor rallies, more significant pullbacks occurred. Bitcoin fell off $20K. Since September 3, Bitcoin traded below this mark.
Chainlink Token Gains Amid Price Drop
Although the week began badly for Bitcoin but some altcoins appear to have not been affected. Chainlink Link is one such cryptocurrency. The current price for LINK stands at $7.19. This is on several platforms including TradingView CoinMarketCap.
In the last 24 hours, there has been a 0.3% increase in price. From $8.05 on August 18, the coin traded between $7.04 to $7.13 on August 22nd and 26.. After the Feds meeting of August 26, LINK lost its mark. It stayed below $7 through September 5, where it gained $7+.
Others Coin Prices and Negative Indicators
Altcoins, however, are also struggling. The effect of this bearish trend this week hasn’t helped the overall crypto market. This figure remains below $1 trillion, and could rise further if bears continue pushing.
Altcoins like XRP or ADA are also continuing to suffer price drops. Ripple, for instance, has suffered a loss of 1.16% and ADA, a loss of 1.31%. ATOM has dropped by 0.08% and DOGE lost 1.25%.
Related Reading: Cradles’ New SIN System Allows You To Earn By Staking Into NFTs Of Elite Players
For now, the price movements aren’t encouraging. Some coins are actually increasing, which suggests that swings between the greens and reds may still be possible. Ethereum for example lost ground on $1500 in the early hours of today and gained 1.87% to $1,582.13.
Featured image by Pixabay, chart from TradingView.com