Monday, September 25, 2023

Market Status Quo Remains As BTC Steadies At $40K

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The market status Quo remains with Bitcoin steadies at $40K and ETH trades above $3000 so let’s read more today in our latest cryptocurrency news today.

After the recent price fluctuations, BTC stalled and remains above the coveted $40K mark. The altcoins are untypically stable as well with ETH maintaining $3000 and BNB sitting above $400. Bitcoin’s price went through some strong volatility in the past week and started from the asset’s inability to overcome the $47,000 level. The bears took advantage of this and started pushing it south with BTC crashing to $45,000 and $43,000 in a matter of a few days.

BTCUSD. Source TradingView

The situation got worse when the crypto dropped below its January 2021 ATH of $42,000 and the nosedive continued while shortly after, BTC dropped below $40K. it bounced off after the second drop below this level and manage to climb back to $42,000 a few days ago but the bearish sentiment in the market continue and pushed BTC down. As of now, the asset stands at over $40,000, and its market cap sits at $770 billion. The alternative coins registered some similar fluctuations over the past few days but then calmed ont eh daily scale. Last week, ETH dumped below $3000 for the first time in 20 days but the second biggest crypto reacted well and sits above this line now.

Binance coin also dropped below $400 and now trades at $415. on the daily scale, Ripple, Terra, Avalanche, DOGE, and SHIB all remain in the red while Cardano and DOT marked some minor increases. The lower and mid-cap altcoins are getting calmer and ETC is being one of the biggest gainers which is expected as the market remained flat and it is below $1.9 trillion as the market status quo remains.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As earlier reported, XRP and DOGE added another 6% each in the past day as other catalysts includes the powered purchases of the two tokens amid the weak crypto marekt. The total cap of the marekt according to CoinMarketcap dropped by 2.8% to $1.87 trillion and the BTC dominance ratio and the share of the overall market cap slipped to 40.7%. XRP’s rise came amid the positive sentiment for the payment token as Ripple founder Brad Garlinghouse said that the current defense against the lawsuit brought by the US SEC was going so much better than expected.

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