Bitcoin struggles to hold $20,000 mark as ENS protocol surges
In the last two days, Bitcoin has triumphantly reached the critical level of $20K. This sudden push from the primary crypto asset was after hovering between the $18K and $24K regions for a few months. However, after the effect of some macroeconomic factors, the price of BTC rounded the $19K region.
This year has been the toughest for cryptoassets and other financial instruments. But the fight to remain valuable is apparently paying off as most coins are currently recovering lost values. Although the Feds remain hawkish, the market is gradually moving towards a bullish sentiment.
However, the bullish trend in the broader crypto market is gradually spreading. The leading crypto held its position strongly despite the bears struggling to take over.
The appearance of the bulls has deterred further declines for BTC. Other cryptocurrencies are making their way north, with Ethereum Name Service (ENS) emerging as the top performer.
With the new price movement, the cumulative market capitalization has reached $964.91 billion, indicating an increase of 0.70% in the last 24 hours. The overall implication of events shows a slight improvement in trend compared to yesterday and last week. However, the broader crypto market still has elements of fear.
Bitcoin consolidates the $20K level
After reaching the critical level of $20,000 a few days ago, Bitcoin is currently showing its sustainability. The asset has defended its position at the level and has also made an impressive consolidation. This was noted in the early trading hours on September 6, when the price of BTC reached $20,200.
It is worth noting that the bears tried to pull down the price of Bitcoin yesterday when the token registered $19,730 on Binance. Staying at the critical level is the only chance for the leading crypto to take a further uptrend.
At the time of writing, Bitcoin is hovering around $19,862, showing a loss. The market value has reached over 386.2 billion dollars, while the dominance over altcoins is 40.04%.
Altcoins are calm, while ENS increased
The price movement of altcoins shows calmness, with a minimal drop for a few tokens. Most of the assets have consolidated the recovery claims in the last 24 hours.
But Ethereum Name Service’s coin, ENS, takes the lead with a nearly 11% increase in today’s early trading. At press time, ENS is trading at $16.91. EVMOS is watching closely. Remember that EVMOS was the worst crypto asset in price performance yesterday. For Ripple (XRP), it appears to be a period of strength with progressive performance.
Featured image from Forbes, chart from TradingView.com
