Crypt Market Cap Below $1T, Bitcoin Fights for $20K (Weekend Watch)
After yesterday’s price crash to $20,000 and below $20,000, Bitcoin has stalled and struggled to stay above the coveted line.
Altcoins also suffered considerable losses at the start of the weekend, and most people are now sitting calmly.
Bitcoin scrambles for $20,000
The previous week was especially detrimental for the major cryptocurrencies, which fell more than $4,000 in less than seven days to a monthly low of around $21,000.
It has been around this level for most of the past week, trading sideways. The biggest price move came on Thursday, when the asset tried to reclaim $22,000 but was blocked.
That led to more serious consequences, especially after Federal Reserve Chairman Jerome Powell reiterated the central bank’s stance against inflation. In a matter of hours, BTC plunged by more than a ton.
Things took a turn for the worse yesterday morning when Bitcoin took another dive and dropped below $20,000 for the first time since mid-July. Since then, it has been unable to recover more than a few hundred dollars and is now just above that line, meaning its market cap has been stuck below $400 billion.
Altcoins hold firm
Altcoins suffered as badly as BTC, if not more, yesterday, but have remained calm since.
Ethereum has dipped below $1,500 in the past 24 hours, but remains around that level. Notably, the second-largest cryptocurrency surged above $1,700 just a few days ago, but there have been several warnings that something similar could happen in the short term.
Binance Coin fell sharply yesterday, and after another small dip, today finds itself trading at $280.
Ripple, Solana, Dogecoin, Shiba Inu, and Avalanche also posted small losses on the daily scale, while Cardano, Polkadot, MATIC, and TRON saw marginal gains.
With most mid- and low-cap stocks in the same boat, the overall cryptocurrency market cap is still well below $1 trillion after yesterday’s $80 billion loss.
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