Bitcoin With Another Failed Attempt at $20K

Yesterday, Bitcoin tried again to break $20,000, but just like it did earlier this week, it stalled and dropped by almost $1,000.

Most of the larger-cap altcoins are slightly in the red now, while there are some gains with mid-caps.

Bitcoin rejected at $20,000 once again

Bitcoin had a significantly less volatile week than last week as US Federal Reserve actions pushed it south to a three-month low at $18,100.

The asset regained some ground and settled around $19,000. In fact, he spent most of the weekend there and even Monday.

The first notable price move came on Tuesday when the cryptocurrency jumped to a 12-day high of $20,400. As the bulls prepared for another leg, the bears remembered their grip on the market and pushed the asset hard south.

In a matter of hours, BTC had fallen below $18,000 before returning to a known trading range between $19,000 and $20,000. As Friday drew to a close, bitcoin pumped again, touching $20,000, but stalled and eased back to $19,300 as of now.

However, BTC’s dominance has gained about 2% in a week and now stands at 39.5%. It even touched 40% earlier this week.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

Less volatile highs

Altcoins are a bit uncharacteristically quiet right now, having failed to post impressive gains yesterday.

Ethereum’s post-merger struggles continue. It was trading above $1,600 when the transition to PoS was completed just over two weeks ago, but dropped to $1,200 in the following days. Since then, it has regained some ground, but cannot break above $1,350.

Ripple was one of the best performers of late, perhaps boosted by the positive development of the case against the SEC. Now, however, XRP has retreated slightly by 3% in a day after touching $0.5 yesterday.

Binance Coin, Cardano, Solana and Polkadot are also slightly in the red on a daily basis.

From the mid-cap highs, Uniswap and QNT are the only ones with notable gains now.

Cryptocurrency Market Overview.  Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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