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Over the past two days, Bitcoin triumphantly reached the critical level of $20K. This sudden push of the primary crypto asset was hovering between $18K and $24K regions after several months. But due to the effects of some macroeconomic factors, the price of BTC rounded the $19K region.
This year was the hardest for crypto assets and other financial instruments. But the struggle to remain valuable seems to be paying off as most coins are currently regaining loss values. While the Feds are still hawkish, the market is gradually moving towards bullish sentiment.
However, the bullish trend in the broader crypto market is gradually spreading. The leading cryptocurrency held its ground strong despite the bears struggling to take over.
The appearance of the bulls has deterred a further decline for BTC. Other cryptocurrencies are moving north, with Ethereum Name Service (ENS) as the top performer.
With the new price movement, the cumulative market cap has reached $964.91 billion, indicating a 0.70% increase in the past 24 hours. The general implication of events shows a slight improvement in the trend compared to yesterday and last week. However, broader crypto market sentiment still has elements of fear.
Bitcoin Consolidates the $20K Level
After hitting the critical level of $20,000 a few days ago, Bitcoin is currently showing its durability. The asset has defended its position on the level and also made an impressive consolidation. This was noticed in the early trading hours of September 6, when the price of BTC reached $20,200.
It is worth noting that yesterday the bears attempted to pull the price of Bitcoin down when the token registered $19,730 on Binance. Staying at the critical level is the only chance for the leading cryptocurrency to make a further uptrend.
At the time of writing, Bitcoin is hovering around $19,862, indicating a loss. The market cap has reached more than $386.2 billion while the dominance over altcoins is 40.04%.
Altcoins are calm, while ENS rose
The price movement for the altcoins is showing calm, with a minimal drop for a few tokens. Most assets have consolidated their recoveries in the past day.
But the Ethereum Name Service coin, ENS, is taking the lead with a rise of nearly 11% in today’s early trading hours. At press time, ENS is trading at $16.91. EVMOS follows it closely. Recall that EVMOS was the worst crypto asset in price performance as of yesterday. For Ripple (XRP) it seems to be a time of strength with progressive performance.
Featured image from Forbes, chart from TradingView.com