Bitcoin stays below $20,000; Ethereum is down 16.5% in a week
Cryptocurrency price today: On Saturday, September 17, the global cryptocurrency market extended its losses the previous day, led by Ethereum, which fell sharply after the merger was implemented. The merger further affected the crypto markets on Friday, which were already grappling with shocking US inflation data. At the time of writing this article, the market capitalization is $961.89 billion, down 0.05 percent in the last 24 hours.
Last week was full of ‘high impact’ macroeconomic events, with August US CPI inflation being the primary driver for the market. At 8.3 percent, the rate was higher than the estimate of 8.1 percent, and core inflation also outperformed the estimate of 6.3 percent. This shock to the upside has blown prices across asset classes including US stocks, gold and cryptocurrencies, said Barth Chaturvedi, Head of Crypto Ecosystem at CoinSwitch.
Despite this, surprisingly, the cryptocurrency markets recovered much better than other risky assets, with ETH consolidation taking center stage. Amid increased volatility and trading volumes, Ethereum has moved to Proof of Stake consensus mechanisms, reducing its power consumption by >99 percent. In addition, there is a “triple” supply of ETH and the asset is now shrinking,” he added.
Today Bitcoin price jumped 0.83 percent but remained below $20,000. At the time of writing this article, the price of bitcoin was at 19,870.25 percent, data from CoinMarketCap showed. Over the past week, bitcoin is down 6.85 percent.
“The cryptocurrency market has been in a downtrend this week as sentiment around cryptocurrencies remained bearish after US inflation data disappointed investors, rising more than expected. Bitcoin, Ethereum and most cryptocurrencies faced a heat wave as sentiment weakened after the data release. Bitcoin soared It was above $22,000 on Monday but fell to $19,000 in the middle of the week. If BTC breaks below its current level, the next support level will be at $19,500,” said Edul Patel.
Meanwhile, Ether stock fell more than 9 percent on Friday and extended its losses on Saturday after the merger. The price of Ethereum today at the time of writing this article is $1,432.66, down 2.16 percent over the past day. In the past week, Ether prices fell by 16.52 percent.
“The second largest cryptocurrency, Ethereum, fell below the $1,500 mark even though the merger was a resounding success in the transition from PoW to PoS. However, the consolidation may not have any immediate impact on ETH’s price action now as it takes some time. Time for market participants to absorb such significant events. If ETH fails to hold above the current level, we may see ETH test the $1,300 level again,” Patel said.
“BTC outperformed ETH throughout the week as Fidelity announced its plans to offer BTC to its retail customers. Among altcoins, focus remains on ADA as the next Vasil hard fork approaches,” Chaturvedi added.
Here are the top 10 cryptocurrencies and their prices on September 17, Saturday (data from coinmarketcap.com)
Bitcoin $19,870.25 or 0.83 percent increase in the past 24 hours
Ethereum $1,432.66 or 2.16 percent loss in the last 24 hours
Tie a gain of $1.00 or 0.00 percent in the last 24 hours
USD Coin 1.00 USD or 0.00% loss in the last 24 hours
BNB $276.63 or 1.24 percent gain in the last 24 hours
Binance $0.9998 or 0.03% loss in the past 24 hours
XRP 0.355 USD, or 0.25 percent loss in the last 24 hours
Cardano $0.5014 or 2.51 percent loss over the past 24 hours
Solana $32.87, or 0.43 percent, over the past 24 hours
Polkadot $7.64 or 2.47 percent loss in the last 24 hours
Read all files Latest business news And the Breaking news over here