Bitcoin Flat Around $20,000 as Volume and Volatility Drop (Market Watch)

After bitcoin missed the coveted $20,000 mark over the weekend, the asset has remained firmly below it, while trading volume is lacking.

Most altcoins are also quite stagnant on a daily scale. Chainlink is among the few notable performers, up 5%.

Bitcoin stalls below $20K

Bitcoin attempted to regain some ground on August 26 when it surged to $22,000 – a multi-day high at the time. However, the bears were quick to intercept the move and pushed the asset south.

Within hours BTC had lost almost $2000 and was dangerously close to breaking below $20000. Although it initially managed to defend that level, it felt almost inevitable that it would fall below it, which it did shortly after.

As such, bitcoin found itself trading below $20,000 for the first time in over a month and charted a 7-week low of $19,500 on August 29.

As the month drew to a close and into early September, BTC tried to bounce back but was stopped at $20,000 again. The asset spent the last few days around that level amid the lack of any significant trading volume and volatility.

Its market cap is still under $380 billion and its dominance over altcoins is under 39%.

LINK does the best

The altcoins, similar to bitcoin, have also lost significant chunks of value in recent days, but have remained fairly calm on a 24-hour scale.

Ethereum dipped below $1,500 recently, but bounced off pretty quickly. After a minor daily increase, the second largest crypto now stands at around $1,550.

Solana, Polkadot, Shiba Inu and Tron are also a bit green now, while Binance Coin, Cardano, Ripple and Dogecoin are down less.

Chainlink is the best performer of the larger companies, up nearly 5%. As a result, LINK is trading above $7.

Still, the cumulative market cap continues to struggle below $1 trillion.