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The crypto market has not been favorable since the Fed rate hikes. As the fight against inflation becomes more aggressive, financial markets bleed. Many coins are trading in the red rather than recovering as investors expected.
Bitcoin and other altcoins lost last week’s gains and are now struggling to stay at expected levels. As of September 5, trading prices for most of these assets started very low, indicating a rough week ahead.
Related reading: Ethereum (ETH) Struggling Before Merger, Could Price Retest $1,900?
Aside from the price loss, bitcoin’s dominance has fallen below 39% and its market cap has remained below $380 billion. The dominance statistic indicates the performance of BTC against altcoins. When the figure is high, it means that bitcoin has outperformed the others and vice versa.
BTC Struggles to Hold $20,000
Bitcoin prices have lost their position at the $20K mark. The current price of the BTC stands at $19687 on TradingView. In addition, the CoinMarketCap Price For BTC shows that it lost 0.57% in 24 hours.
The price of Bitcoin fluctuated between $24K and $23K from August 13-19. On August 20, the price dropped to $20K, causing a lot of panic in the market. The next day, BTC won again and stood at $21K. It remained at that level until after the Feds meeting on August 26, which saw the crypto market again in the red.
By the end of that day, BTC lost more than $1k and the market closed at $20,260. The next day, the prize dipped below the mark, but regained it later. Unfortunately, the mint has not performed well since then.
From August 27 to September 2, BTC prices struggled to hold $20,000. There have been some small rallies, but the setback was more. Bitcoin lost its position at $20K and traded below the line from September 3-5.
Chainlink Token Wins Amid Price Drop
Although the week started badly for Bitcoin, some altcoins seem unaffected. One such cryptocurrency is Chainlink LINK. Currently, the LINK price stands at $7.19 on many platforms, including: Trading Display and CoinMarketCap.
The current price shows an increase of 0.34% in the 24-hour trading session. The coin fell from $8.05 on August 18 to trade between $7.04 and $7.13 on August 22-26. After the Feds meeting on August 26, LINK fell below $7 until today, September 5, when it gained $7+ again.
Other Coin Prices and Indicators Negative
Other altcoins are currently struggling. The effect of this bearish trend this week has not helped the overall crypto market. The figure is still below $1 trillion and could last longer if the bears insist.
Some other altcoins, such as XRP, ADA, ATOM, DOGE, XCN, BNB, AVAX, MATIC and others, remain in price losses. For example, Ripple lost 1.16% while ADA lost 1.31%. ATOM is down 0.08% while DOGE has already lost 1.25%.
The price movements are not encouraging for the time being. But some coins are also winning, indicating that price swings from red to green are still possible. For example, Ethereum lost its position at $1500 early today, but gained 1.87% to stand at $1,582.13.
Featured image from Pixabay and chart from TradingView.com