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

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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%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto
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Cryp­tocur­ren­cy charts by TradingView. 

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