Bitcoin’s price has held steady at $19K over the last few weeks. Crypto investors are now skeptical. The crypto market’s downturn can be traced to the increase in interest rates and several other factors. Experts predict that there will be a huge bull run for the token.
A Briefing on Bitcoin Price Movements
BTC’s volatility has not been significant. When the token rose steeply, this price trend continued. The sudden bullish trend saw it reach its September mid-high.
Many digital tokens such as ADA, SOL and ETH have also seen recent gains, as Bitcoin has been the most popular cryptocurrency. It is quite encouraging to see the present state of the crypto market compared with its last week. A sudden turn in events led to the total market cap reaching $1 trillion.
In the past week, the world’s largest cryptocurrency had maintained short movements that appeared stagnant. It was hovering at $19K, however.
There was however a brief rise to $18,600. Unfortunately, this didn’t last, as the token returned to its raging price of $19K.
BTC Prices Move to $21K
The price of Bitcoin began to move in a different direction at the dawn on Wednesday. The move of BTC to reach the $20K price point was an indication of that.
The crypto market lost $100 million since 20 days ago. The drop in price of digital currencies was the reason.
Bitcoin saw sharp movements to $21K just 12 hours prior. This movement was initiated by Bitcoin with a quick retracement.
What does this mean for Altcoins
Investors have not found the crypto market to be very promising lately. Crypto traders have been the biggest winners in the cryptocurrency industry.
The majority of digital tokens maintained range-bound movements over the past week. Ethereum was one of those cryptocurrencies that fell. This was a surprise, given the previous expectations that investors had made after Merge.
Ethereum’s initial price of $1,600 had fallen to $1.300 over several days. Ethereum was steady at $1.300 these days. Its price fell following the sale-the-news events that occurred at the same time. The token and the other altcoins appear to have seen greener bars due to BTC’s recent price rise.
This positive price movement has brought crypto’s market cap up to $1 trillion. Bitcoin is close to $400 Billion.
As per data, Ethereum trades at $1,553 – at the time of writing. BTC, on the other hand is trading just above the $20,000.500 mark.
Pixabay featured image, Chart from TradingView.com