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Bitcoin Holds Steady at $27K Amidst Altcoin Flux

Martin Walker
Sep 21, 2023 at 11:34 am

In the wake of several consecutive days of charting new peaks within the local landscape, bitcoin has finally found a semblance of stability, hovering around the $27,000 mark. This development is quite surprising, especially in light of the recent meeting held by the US Federal Reserve just yesterday.

Today's trading has seen most of the alternative cryptocurrencies experiencing minor losses, with Toncoin and Litecoin being the most affected by this trend, registering noticeable drops. In the case of Toncoin, the decline is quite significant, measuring at 6%.

Bitcoin's Current State at $27K

The primary digital asset began gaining traction last week, following a rather tumultuous Monday marked by a significant crash. However, it managed to recover and surge past the $26,500 threshold by the middle of the week. This upward trajectory persisted, and by the weekend, it had breached the $27,000 barrier.

However, the momentum faltered as the weekend arrived, causing a retracement back to $26,500 by Sunday. Nonetheless, the bulls made a strong comeback at the start of the business week, pushing the asset beyond the $27,000 mark on multiple occasions. This culminated in a spike to $27,500 on Tuesday, marking the highest price point for BTC in the past 20 days.

Despite this notable achievement, the asset experienced a slight setback, retracting by approximately $500. There was heightened anticipation of increased volatility yesterday, following the US Federal Reserve's announcement of a minor adjustment in its monetary policy, opting to refrain from raising interest rates. Contrary to expectations, bitcoin managed to maintain relative stability, holding its ground at the $27,000 mark.

While its market capitalization experienced a modest dip, resting at $525 billion, its dominance over the alternative coins has increased to 49.3% according to CoinMarketCap.

BTCUSD. Source: TradingViewBTCUSD. Source: TradingView 

IMX Takes Center Stage

On a 24-hour scale, most alternative cryptocurrencies are also in the red, albeit with marginal losses. Ethereum and Binance Coin both witnessed a retracement of just over 1%, trading at $1,620 and $213, respectively. Ripple, Solana, Polkadot, Polygon, and Shiba Inu have incurred losses of up to 1%.

Further declines have been observed in notable cryptocurrencies such as Cardano, Tron, and Litecoin. Toncoin stands out as the poorest performer today, after experiencing substantial gains over the week. TON has retraced by more than 7% and now sits at $2.35.

The total cryptocurrency market capitalization has witnessed a slight decrease, yet it remains above $1.070 trillion according to CoinMarketCap.

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

Read more: Stabilizing U.S. Treasury Market: Implications for Crypto Investors

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