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The bearish trend for Bitcoin continues to roll on consecutive days. BTC has lost its anchor in the region of $20,000. Trading activity has fallen below this level, with no sustained hopes of a positive price reversal.
Events and activity in the broader crypto market for August were not encouraging. The prices of almost all major crypto tokens have continued to fall. This trend has impacted the overall crypto market cap, keeping it below the $1 trillion level.
During the trading hours of August 26, BTC’s price appeared to be gaining something back in its performance. It rose positively to $22,000 and floated gracefully around that region. But the gains were short-lived with the bears’ presence after the Feds meeting.
Bitcoin performance drops below $20K
Bitcoin dipped lower to hit the $20,000 mark. This was after the token lost nearly $2,000 of its value. With a lot of effort, BTC tried to hold the new level of $20K, but the ground became quite unbearable. At the end of August, despite all odds, BTC was trading around $20,000.
A southern pull eventually dragged the leading cryptocurrency below the $20K level. The main factors that have affected the BTC price are the lack of significant trading volumes and extreme volatility. There haven’t been many Hospitalized activities on the network. This means that trades have fallen drastically from the beginning of September.
With the trend of activity for Bitcoin, the market cap is currently falling below $380 billion. Also, BTC now registers a dominance of less than 39% over the altcoins. The price of BTC has reached about $19,177 and it could rise given the slight gains.
Altcoins gain momentum with LINK in the lead
For the altcoins, their 24-hour performance reflects a slight stability in trading prices. This was after they suffered several days of value losses due to the bearish trend.
Etherum sank below the $1,500 level. However, it took a sudden spike that regained more value. The price of ETH is currently trading above $1,600 at press time.
LINK, the native token of Chainlink, a decentralized financial protocol, is leading the way in positive performance. LINK is trading around the $7 region after gaining around 4% in value in the last 24 hours.
Some crypto assets such as Polkadot (DOT), Litecoin (LTC), Solana (SOL) and Shiba Inu (SHIB) are showing green lights of increase.
Featured image fromPixabay, chart from TradingView.com