Crypto Update: BTC and ALT Moves

Martin Walker
Sep 18, 2023 at 10:29 am

Bitcoin made another attempt to breach the $27,000 mark today but was unsuccessful, at least for the time being.

In a turn of events, TONCOIN experienced a decline of over 3% during the same timeframe, whereas Chainlink's native token saw a remarkable surge of approximately 6%.

BTC's Recent Effort

Last Monday witnessed significant volatility in trading. BTC initially plummeted by a significant amount, reaching a two-month low of under $25,000. However, positive news related to a pending spot ETF application caused a swift upward turn, enabling the cryptocurrency to reclaim $26,000 and set its sights higher.

The remainder of the business week showed a slightly more optimistic trend, with bitcoin gradually appreciating in USD value. This progression peaked on Saturday morning, when its value surged to $26,900 for the first time in over two weeks.

As seen in previous attempts to surpass this level, the bears intervened and halted the momentum. BTC retraced by a few hundred dollars almost immediately and maintained a range of around $26,500 throughout the weekend.

An additional minor surge occurred earlier today when BTC approached $26,800, yet once again, it failed to sustain an upward trajectory. At present, it remains below the $27,000 threshold.

Its market capitalization hovers just above $520 billion, and it exerts influence over the altcoins at slightly over 49%.

BTCUSD. Source: TradingViewBTCUSD. Source: TradingView  

Emergence of LINK

Today, most larger-cap altcoins are relatively stable. Ethereum, Binance Coin, Solana, Tron, Polygon, and Litecoin have experienced marginal gains, while Ripple, Dogecoin, Cardano, and Shiba Inu have seen negligible losses.

TONCOIN experienced the most substantial daily decline. TON has been among the top performers recently, and despite this retracement, it still boasts a double-digit increase on a weekly scale. Consequently, TON is currently trading close to $2.4.

In contrast, Chainlink exhibited the most significant growth within a 24-hour period. LINK has surged by over 5% and now sits comfortably above $6.5.

The cumulative market capitalization of all crypto assets remains relatively stable, standing just above $1.060 trillion.

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

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