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Crypto Rollercoaster: Bitcoin's Battle for $27K and Altcoin Adventures

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Martin Walker
Sep 23, 2023 at 11:18 am

Yesterday, Bitcoin couldn't manage to reclaim the $27,000 threshold, hovering around $26,500 currently.

As for the alternative cryptocurrencies, they're not faring any better, experiencing marginal dips, especially among the larger-cap ones. However, Chainlink stands out with a significant uptick in its price.

BTC Holding Steady at $26.5K

The previous week saw a predicted decrease in volatility, save for a brief surge on Saturday propelling Bitcoin to a multi-day peak of $26,400. Despite this, BTC couldn't sustain the upward movement and retraced to $26,000 for the remainder of the weekend.

Monday began on a less optimistic note, but finished on a positive one. Bitcoin launched an offensive, surpassing the $27,000 mark for the first time in weeks. Although it experienced a dip shortly after, bullish forces persisted, pushing the cryptocurrency to a fresh 20-day high of $27,500 on Tuesday.

Subsequent days remained relatively tranquil, with BTC maintaining the $27,000 level, even after the US Federal Reserve announced a halt in interest rate hikes. However, Bitcoin's momentum waned by Friday, causing a drop to $26,400.

An attempt at a rebound at the end of the day fell short, leaving the current price at $26,500. Its market capitalization is slightly below $520 billion, while its dominance over alternative coins hovers just above 49%.

BTCUSD. Source: TradingViewBTCUSD. Source: TradingView

LINK Gains Traction

On a daily scale, most alternative coins appear relatively stable. ETH, BNB, DOGE, ADA, DOT, MATIC, and LTC experienced slight losses, while XRP, TRX, TON, and SHIB saw marginal gains.

Among the larger-cap alternative coins, Solana experienced the most significant retracement, with a loss of over 1%, struggling to stay below $20.

In contrast, Chainlink's native token surged by approximately 5%, trading above $7. Another noteworthy gainer among the top 100 alternative coins is THETA, showing an 8% surge.

Despite these fluctuations, the overall cryptocurrency market capitalization remains relatively steady, slightly exceeding $1.060 trillion on CoinMarketCap.

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

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