Compared to the previous week, the price of BTC has been significantly less volatile due to the actions taken by the Fed. After the activation of the Ethereum Merge, ETH traded above USD 1,600 but still cannot break above USD 1,350.
Although Bitcoin (BTC) tried to resume the USD 20,000 level, it lost nearly USD 1,000, just like earlier in the week.
While the market capitalization of most leading altcoins is slightly in the red, some mid-cap altcoins have made gains.
The Price of Bitcoin Rises to USD 20,000 before Dropping Again
The past week has been significantly less volatile for the price of Bitcoin than the previous one. It fell to a three-month low at USD 18,100 due to the actions of the US Federal Reserve (Fed).
The value of the cryptocurrency recovered and settled down to around USD 19,000. It is important to remember that it remained at that level most of the time between September 24th and 26th.
The first significant move occurred on September 27th, when the price of Bitcoin rose to a 12-day high of USD 20,400. The bears, who knew they controlled the market, drove the crypto asset downward as the bulls prepared for another rise.
The value of BTC dropped below USD 18,000 before resuming its trading range between USD 19,000 and USD 20,000. At the closing of September, it jumped again to USD 20,000 but fell back to around USD19,300.
However, the dominance of the leading cryptocurrency rose by about 2% to be at around 39.5%. Earlier in the week, it also reached 40%.
Bitcoin is trading at around USD 19,319 and has accumulated a 0.2% gain over the last 24 hours. While its daily trading volume is above USD 30.94 billion, its market capitalization is about USD 370.40 billion, according to CoinGecko.
The Price of Altcoins like Ether Seems Less Volatile
Amid an unusual quietness, the prices of altcoins have not recently made significant gains.
After the Ethereum Merge was complete, the value of Ether (ETH) has struggled to remain at the USD 1,300 level. It traded above USD 1,600 when it switched to the PoS consensus protocol but dropped to USD 1,200. Although the price has recovered, it still yet break above USD 1,350.
Ether is trading at around USD 1,329 and has accumulated a 0.2% loss over the last 24 hours. While its daily trading volume is above USD 9.51 billion, its market capitalization is about USD 160.57 billion, according to CoinGecko.
XRP has recently been among the best-performing altcoins due to the positive developments in the Ripple-SEC case. However, it has barely risen by 0.1% over the last 24 hours, after reaching USD 0.5.
Binance Coin (BNB), Cardano (ADA), Solana (SOL), and Polkadot (DOT) have also been slightly in the red over the last 24 hours. In the case of alternative mid-cap altcoins, only Uniswap (UNI) and Quant (QNT) have made significant gains until now.
Investors should research Bitcoin or any altcoin before buying it to know their all-time high, behavior, and possible future price. That will allow them to find the most convenient investment opportunity to minimize the risk of losing money.
By Alexander Salazar
