Bitcoin Struggles To Cement $20K Mark As Chainlink Surpasses
The crypto market has not been favorable since the Fed’s interest rate hikes. As the fight against inflation becomes more aggressive, financial markets are bleeding. Many coins are trading in the red instead of recovering as investors expected.
Bitcoin and other altcoins have lost last week’s gains and are now struggling to stay at expected levels. As of September 5, the trading price for most of these assets started very low, indicating a tough week ahead.
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Excluding price losses, bitcoin’s dominance has fallen below 39%, and its market cap has remained below $380 billion. The dominance metric indicates the performance of BTC relative to altcoins. When the number is high, it means that bitcoin has outperformed the others and vice versa.
BTC Struggles To Maintain $20K Mark
Bitcoin prices have lost their footing at the $20K mark. The current price of BTC stands at $19687 on TradingView. Furthermore CoinMarketCap price for BTC shows it has lost 0.57% in 24 hours.
Bitcoin price fluctuated between $24K and $23K from August 13 to 19. Then on August 20th, the price dropped to $20K, causing a lot of panic in the market. The next day, BTC rose again to stand at $21K. It continued at that level until after the Feds meeting on August 26, which saw the crypto market in the red again.
By the end of that day, BTC lost more than $1k and closed the market at $20,260. The next day, the price dropped below the mark, but recovered it later. Unfortunately, the coin has not performed well since then.
From August 27th to September 2nd, BTC prices struggled to maintain $20K. There have been some small rallies, but there have been more withdrawals. Bitcoin lost its footing at $20K and has been trading below the mark from September 3-5.
Chainlink Token rises amid price drop
Although the week started off poorly for Bitcoin, some altcoins seem to be unaffected. One such cryptocurrency is Chainlink LINK. Currently, the LINK price stands at $7.19 on many platforms, including TradingView and CoinMarketCap.
The current price shows an increase of 0.34% in 24 hours trading session. The coin fell from $8.05 on August 18 to trade between $7.04 and $7.13 on August 22 and 26. After the Feds meeting on August 26th, LINK fell off the mark and remained below $7 until today, September 5th, when it regained $7+.
Other coin prices and indicators negative
Other altcoins are currently struggling. The impact of this bearish trend this week has not helped the overall crypto market. The number is still below $1 trillion and could remain longer if the bears continue to push.
Some other altcoins, such as XRP, ADA, ATOM, DOGE, XCN, BNB, AVAX, MATIC and others, continue to lose price. For example, Ripple has lost 1.16%, while ADA lost 1.31%. ATOM is down 0.08%, while DOGE has lost 1.25% already.
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The price movements are not encouraging for now. But some coins are also increasing, indicating that price swings from red to green are still possible. For example, Ethereum lost its footing at $1,500 early today, but gained 1.87% to stand at $1,582.13.
Featured image from Pixabay and chart from TradingView.com
