Bitcoin has surpassed the $20K mark in the last two days. After hovering around $18K to $24K for several months, the price of Bitcoin suddenly jumped. However, BTC’s price was now in the $19K range due to the macroeconomic effects.
For crypto assets, and for other financial instruments, this year was the hardest. The struggle to keep coins valuable seems to be paying off, as many of them are regaining their lost values. The market is slowly moving toward a bullish sentiment, even though the Feds continue to be hawkish.
But, the bullish trend within the wider crypto market is growing slowly. Despite bears trying to take control, crypto’s leading cryptocurrency has maintained its strength.
BTC has been deterred by the appearance of bulls. The top performing cryptocurrency is Ethereum Name Service (ENS).
Due to the recent price movements, the total market cap reached $964.91 Billion, which is an increase of 0.70% in 24 hours. Overall, the trend has shown a slight increase in meaning compared to last week and yesterday. The overall sentiment in the crypto market is still tense.
Bitcoin consolidates the $20K level
Bitcoin’s sustainability is now evident after it reached the $20,000 threshold a few short days ago. Bitcoin has maintained its position on this level, and it also showed impressive consolidation. The price of Bitcoin reached $20,200 during the first trading hour of September 6.
It’s worth noting that the bears tried to pull down the price of Bitcoin yesterday as the token recorded $19,730 on Binance. The only way for leading cryptos to continue their uptrend is by staying at the critical level.
Bitcoin’s current price is $19,862, which represents a loss. The market capitalization of Bitcoin is over $386.2 million, and its dominant position over altcoins stands at 40.04%.
Altcoins Feel Calm While ENS Rises
Price movement of altcoins shows calmness. There has been a small drop in the price for tokens. In the recent days, most assets have consolidated their reclaims.
But the Ethereum Name Service’s coin, ENS is taking the lead with an almost 11% increase in today’s early hours trading. ENS currently trades at $16.91. EVMOS follows closely. EVMOS, as far as price performance was concerned, was the most volatile crypto asset. It seems like Ripple’s time is one of strength and progressive performance.
Featured image by Forbes. Chart from TradingView.com