Bitcoin Reclaims The $20,000 Throne While Ethereum Rises On The Chart
31 August 2022 - 6:18PM
NEWSBTC
The volatility of cryptocurrency and Bitcoin has continued to be a
strong force determining its profitability and investment
attraction. The severe crypto winter in the first half of 2022
several crippled tokens and crypto-related products and services.
Also, the collapse of the Terra-LUNA ecosystem intensified the
devastating impact. Though the second half of the year brought a
little relief from the bearish experience, it did not last as long
as many expected. Instead, the bears took over the market for the
past two weeks as the prices of several crypto assets crumbled
again. Bitcoin, which had hit a new high of about $25,200,
gradually started dropping. The report on the price of Bitcoin
showed that it even plunged to the $19,500 region. The downtrend
was not only peculiar to the leading cryptocurrency, as altcoins
are part of the train. Related Reading: Bitcoin aSOPR Rebounds From
“1” As Weakness Remains In Market Despite the much-accumulated
gains for Ethereum, especially with the upcoming Merge, ETH still
went down. In addition, other altcoins and crypto coins dropped in
different percentages, negatively impacting the crypto market. As a
result, the cumulative market capitalization had lost over $50
billion over the past two weeks. Tide Against Bitcoin Seems To Be
Turning There seems to be a positive outplay of the activities for
the broader crypto market. The bulls gradually gather as market
prices have started moving to the north. Most crypto assets show
recovery as the leading cryptocurrency; Bitcoin is championing the
move. The positive movement of the entire assets spiked the crypto
cap to a recovery mood. It has gained more than $50 billion,
recovering its popular $1 trillion level. Also, the new change is
enhancing the general market sentiment from its previous level of
‘extreme fear’ to the ‘fear’ region. BTC has reclaimed the $20,000
level within the past 24 hours in the market. This was after
hovering around the $19,500 level yesterday, August 29. By entering
a new bullish mood, Bitcoin is gradually reclaiming its value as
the price now trades around the $20,300 region. This depicts a gain
of about $1,000 from its last trading price over the past 24 hours.
Altcoins Performed Better On the other hand, the performance of
Bitcoin seems slightly lower than that of the altcoins. This is
evident in the BTC dominance, which measures its share relative to
the broader market. It indicated a drop of $0.3% over the last 24
hours. The altcoins have also been on the route of recovery after
the weeks of losses in the crypto market. Ethereum has
significantly increased its price over the past 24 hours. The price
is ETH is currently playing around the $1,500 region at the time of
press. Related Reading: WATCH: Bitcoin Versus DXY And The Dangerous
TD9 Setup | Daily TA August 30, 2022 Other altcoins have moved to a
green plain with regained over the past 24 hours. AVAX amassed up
to 13.54%, but Lido took the top as the highest gainer of the day
at the press time with a 17% gain. Featured image from Pixabay,
chart from TradingView.com
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