BTC Awaits its Next Move at $19K (Market Watch)

The price of bitcoin seems stuck around the $19,000 level for the past few days, and the asset has remained there now as well.

Most altcoins are also calmer on a 24-hour scale on Sunday, with Chainlink emerging as today’s top performer.

Bitcoin Quiet at $19K

Although bitcoin is quite stagnant now, this wasn’t the case earlier this week. The asset had jumped from $18,300 to $20,000 in a day ahead of the US Federal Reserve’s latest interest rate hike, but once the increase of 75 basis points became official, it dumped by almost $2,000 once more.

This resulted in a drop to $18,100 – a new three-month low for BTC. As fear was once again settling in the markets, the bitcoin bulls stepped up and pushed the asset to over $19,000.

The next few days saw minor volatility, with the most notable increase taking the cryptocurrency to just over $19,500. However, that was short-lived, and BTC returned to around $19,000, where it’s currently stuck.

Its market capitalization is still at approximately $365 billion, while its dominance over the alternative coins is back at 39%.

LINK Pops Out

The alternative coins had a volatile week of their own, but most are significantly more stable now.

Ethereum, which dumped by more than 20% after the Merge was implemented, is now slightly in the green and stands above $1,300.

Cardano is quite stagnant as well, even though the Vasil upgrade went live a few days ago. Solana and Shiba Inu are with minor increases, too.

In contrast, Binance Coin, Ripple, Dogecoin, Polkadot, MATIC, Avalanche, and Tron are with slight declines.

Chainlink is today’s best performer from the larger and mid-cap altcoins. LINK is up by 5% today and now trades at almost $8.

The overall cumulative market capitalization of all crypto assets is also quiet and has remained at just under $950 billion.