After briefly surpassing $20,000 in trading volume, bitcoin’s price fell.
Alternative coins, which had been riding high yesterday, are now red except for QNT – 10% surge.
Bitcoin rejected at $20K
The primary cryptocurrency has been hovering around $19,000 since the US Fed’s recent interest rate hike that saw its price fall to $18,100 last week. It remained there for most of the weekend, with very little movement.
Monday came and BTC fell to $18,600. The asset took a turn for the better on Tuesday, and it jumped by over $1,500 within hours. It soared to a 12-day peak of more than $20,300.
Reports began to surface that traders had placed sell orders at $20,000 lines. This suggested that bitcoin would drop in the future. This did indeed happen, and bitcoin plummeted to $18,500 just hours later.
According to Santiment, this was because trading volumes soared to their highest level in more than three months.
The trading volume for #cryptomarkets and #Bitcoin has increased. $BTC reached its highest trading level since June 14th, during Tuesday’s big leg down. Since the January lows, volume has steadily risen throughout the year. https://t.co/jbT7GMDj3n pic.twitter.com/c0Bnm7Jl52
— Santiment (@santimentfeed), September 28, 2022
ltcoins back in Red
Although alternative coins enjoyed trading yesterday, the current situation is completely different.
After days of struggle at $1,300, Ethereum rose to $1,400. The second-largest cryptocurrency has fallen below $1,300 after a drop of more than 7% in the last 24 hours.
Binance Coin and Solana Coin have experienced similar drops in their respective percentages.
Ripple is the worst affected of the top 10 alts. XRP has fallen by more than 12 percent in one day to $0.42
QNT is up 10% on the day. The remaining lower- and mid-cap altcoins remain deep in red.
It’s not surprising that crypto assets have seen their cumulative market capital plummet to $70 billion per day, while the number is now just above $900 billion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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