Bitcoin and the crypto market have shown signs of bullishness in recent days. The majority of crypto assets are in the green with some reclaims in value. The northward climb ended yesterday.
EthereumPoW (ETHW), value collapsed by an astonishing 11%. Altcoins will not be left in the bearish trend. Many have moved to the south, pushing the crypto market further into the red. Despite numerous attempts, Bitcoin failed again to reach its critical level of $20,000.
Drastic Crumbling for ETHW and LUNC
Over the last few days, there’s been a sudden cut in the latest uptrend within the crypto market. Most crypto assets are losing their previous reclaimed values.
Ethereum saw a 5% increase in its value, bringing the price of ETH up to $1,350. However, the past day’s price decline has brought ETH to $1,288.
EthereumPoW (ETHW), has experienced one of the worst losses, of approximately 11%. Terra Classic (LUNC), also fell by 7.5%.
Tron, Uniswap and Leo are crypto assets that have seen minor gains. Ripple, Cardano and Tron are the biggest losers of large-cap altcoins. They have experienced a more than 3% drop. Solana and Polygon are also affected by the drop in Binance Coin, Shiba Iu, Polkadot or Polkadot.
Bitcoin Stalls Before the $20K Level
Bitcoin’s price swing was uncontrollable last week. After several attempts to stabilize its price at $20K, the primary crypto asset fell to $18K. BTC soared to $18,200 after the US jobs report was released.
However, volatility has increased in the crypto market and this led to changes. From the beginning of this week, the leading cryptocurrency saw more surges. Although the token movement was slow to pick up in the morning of Monday, it continued to rise. Bitcoin’s value rose to $19,000, and has since maintained its hold at this level.
BTC reached $19,700 later this week. We kept searching for a more bullish push to take the coin to $20K. The situation in the crypto market has changed dramatically. As a result, Bitcoin couldn’t push through with a further move to the $20K level.
BTC trades at $19,092 at the time of writing, indicating a decline over the last 24 hours. BTC’s market cap stands at $366.91 million, and its dominance is 39.88% over other altcoins.
Data from the on-chain analysis suggests that there will be more pain for Bitcoin in the future. According to some, Bitcoin may show a similar trading trend as the 2018 bear market.