The crypto market and Bitcoin have been showing signs of bullishness over the last few days. The majority of crypto assets are in the green with some value reclaims. The northward climb ended yesterday.
EthereumPoW value (ETHW) fell 11%. Altcoins will not be left out of the bearish trend. As they drive the crypto market towards the bottom, most have turned to the South. Bitcoin is still far from its goal of reaching $20,000.
Drastic Crumbling of ETHW and the LUNC
Over the last few days, there’s been a sudden cut in the latest uptrend within the crypto market. Many crypto assets have lost their previous reclaimed prices.
Ethereum saw a 5% increase in value prior to the bearish trend. The price of ETH reached nearly $1,350. However, the past day’s price decline has brought ETH to $1,288.
EthereumPoW, (ETHW), has seen one of its worst losses at around 11%. Terra Classic (LUNC also declined by around 7.5%
Tron, Uniswap and Leo are some crypto assets which have experienced minor gains. Ripple, Cardano and Tron are the biggest losers of large-cap altcoins. They have experienced a more than 3% decline. Solana and Polygon are also affected by the drop in Binance Coins, Polkadots, Polkadots, Shiba Iu, Binance Coins, Dogecoins, and Binance Coin.
Bitcoin Stalls Before the $20K Level
Bitcoin experienced a wild price swing last week. There was little to no control over the movement. After several unsuccessful attempts to stabilize its price at $20K, the primary cryptocurrency asset fell to $18K. BTC was able to reach $18,200 due to the impact of US Job Report.
However, volatility has increased in crypto market and this led to changes. Since the start of the week, leading crypto currencies saw greater surges. Although the token movement was slow to pick up in the morning of Monday, it continued its upward trend. Bitcoin prices rose back to $19,000, and then slowly maintained their hold.
BTC hit $19 700 this week. We kept searching for more bullish moves that would take the price to $20K. The situation has changed dramatically in the crypto market. As a result, Bitcoin couldn’t push through with a further move to the $20K level.
BTC trades at $19,092 as of the press time, indicating that it has seen a decline in value over the last 24 hours. BTC’s current market capitalization is $366.91 million, with a dominance of 39.88% over all altcoins.
According to data from the onchain analysis, several warnings have been made about the potential for more losses for BTC in the future. According to some, Bitcoin may show a similar trading pattern as 2018’s bear market.
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