Ripple rises 8%, Bitcoin falls to weekly lows

Bitcoin dipped further below the coveted $20,000 mark to chart another weekly low of just over $19,000.

Ethereum also continues to struggle after the Merge implementation two days ago and has dipped below $1,450. Ripple, on the other hand, is up nearly 8% daily.

Bitcoin’s new weekly low

The past few days have not been kind to the primary cryptocurrency as the trend reversed on September 13th. At the time, the asset was high, approaching $23,000 after gaining over $3,000 in days.

However, BTC reversed its trajectory quite violently and the US CPI numbers only added to the pain. Just hours after they went out, bitcoin found itself struggling to stay above $20,000.

Although it maintained that level initially, it felt almost inevitable that it will break below it sooner rather than later. This only happened on September 14th, and after failing to regain that line immediately, BTC got stuck below it.

The last 24 hours have brought more pain as the asset fell to $19,300 – its lowest price position since September 9. Despite recovering a few hundred dollars now, BTC is still below $20,000 and its market cap is just under $400 billion.

XRP steals the show

The altcoins also suffered since the US CPI numbers were announced, but there was a lot of (false) hope that the completion of the Ethereum merger could bring some relief to the market.

The event finally took place on Thursday, and ETH remained calm at first, at around $1,600. Hours later, however, the second largest crypto plunged below $1,500 and continued to dive to $1,400 earlier today. In fact, ETH is among the few alts with larger caps in the red on a daily scale now as well.

In contrast, BNB, ADA, DOT, DOGE and TRX are slightly in green. Ripple’s native token has outperformed all other top 10 alts with a massive 7.5% increase. Consequently, XRP has lost $0.35.

ATOM and LINK have also gained a lot of value daily – 9% and 5% respectively. They have helped the crypto market cap add about $20 billion in a day, but the calculation is still a long way from the $1 trillion mark.