The bearish trend for Bitcoin continues for days in a row. BTC has lost its anchor at the $20,000 area. Its trading activity has dipped below this level, with no sustainable hope of a positive price reversal.
Events and activities in the broader crypto market for August have not been encouraging. The prices of almost all major crypto tokens continue to fall. This trend has impacted keeping the total crypto market cap below the $1 trillion level.
During the trading hours of August 26, BTC price seemed to be improving slightly on its performance. It rose positively to $22,000 and hovered around that area with grace. But its gains were short-lived with the appearance of bears after the Fed meeting.
Bitcoin performing at $20K . falls below
Bitcoin fell to the $20,000 mark. This was after the token lost nearly $2,000 off its value. With great difficulty, BTC tried to maintain the new level of $20K, but the ground was becoming quite unbearable. Despite all odds at the end of August, BTC is trading around the $20,000 zone.
A southern bridge eventually pulled the leading cryptocurrency below the $20K level. The major factors affecting the BTC price are the lack of significant trading volume and extreme volatility. There are not many recorded activities on the network. This means that there has been a huge drop in trading transactions since the beginning of September.
With a trend of activity for bitcoin, its market cap has currently dipped below $380 billion. Furthermore, BTC now registers less than 39% dominance over altcoins. BTC price has reached near $19,177 and could see a slight upward move.
Altcoins gaining momentum with LINK
For altcoins, their performance over the 24 hours shows a slight stability in trading prices. This happened after the price suffered several days of losses due to a bearish trend.
Ethereum declined below the $1,500 level. However, it received a sudden spike and gained more value. At press time, ETH price is currently trading above $1,600.
LINK, the native token of Chainlink, a decentralized finance protocol, is a leader in positive performance. LINK is trading near the $7 area after a price increase of about 4% over the past 24 hours.
Some crypto assets such as Polkadot (DOT), Litecoin (LTC), Solana (SOL), and Shiba Inu (SHIB) are showing the green light for growth.
Featured image fromPixabay, chart from TradingView.com