Bitcoin price is trading below $19,500 while Chainlink surpasses the $7 mark

The bearish trend for Bitcoin continues to roll on consecutive days. BTC has lost its anchor at the $20,000 region. Trading activity has fallen 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 the major crypto tokens have continued to fall. This trend has affected the overall crypto market cap keeping it below the $1 trillion level.

During the trading hours on August 26, the price of BTC appeared to recover a bit in performance. It rose positively to $22,000 and hovered around the region with grace. But the gain was short-lived with the presence of the bears after the Feds meeting.

Bitcoin performance comes below $20,000

Bitcoin dived to reach the $20,000 mark. This was after the token lost nearly $2,000 from its value. With great difficulty, BTC tried to maintain the new level of $20K, but the ground became quite unbearable. Late August has BTC trading around the $20,000 region despite all odds.

A southern draw eventually dragged the leading cryptocurrency below the $20K level. The main factors that have affected the BTC price are the lack of significant trading volume and extreme volatility. There have not been many registered activities on the network. This means that trade transactions fell drastically from the beginning of September.

With the trend of activities for Bitcoin, its market cap is currently falling below $380 billion. Moreover, BTC now registers a dominance of under 39% over altcoins. BTC’s price has reached around $19,177 and could move higher, given the small gains.

Altcoins gain momentum with LINK at the forefront

For altcoins, their performance over 24 hours shows little stability in trading prices. This was after they suffered several days of losses due to the bearish trend.

Ethereum fell below the $1,500 level. However, it got a sudden peak that regains more value. The price of ETH is currently trading at over $1,600 at press time.

LINK, the initial token of Chainlink, a decentralized financial protocol, takes the lead in positive performance. LINK is trading around the $7 region after gaining about 4% in value over the past 24 hours.

Some crypto assets such as Polkadot (DOT), Litecoin (LTC), Solana (SOL) and Shiba Inu (SHIB) indicate green lights for increases.

Featured image fromPixabay, chart from TradingView.com