Bitcoin price camped out below $20,000 on the last three-day summer holiday weekend in the U.S. At the time of writing, BTC is changing hands at $19,864.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin Price Holds Tight Below $20,000
The largest cryptocurrency by market value was recently trading at about $19,900, up a few ticks of a percentage point over the past 24 hours and about where it ended Friday. BTC has held support at roughly this level for a week as investors eyed employment data that could give them some hint about the U.S. central bank’s next interest rate intentions later this month and the wisdom of committing to higher-risk assets.
Ether maintained a similar level of crypto price stasis with a little more than half the U.S. Labor Day weekend over. The second largest cryptocurrency by market capitalization was recently changing hands just below $1,600, up approximately 1% over the previous day but just about where it ended Friday. ETH investors now await the Bellatrix upgrade on Tuesday. This enhancement on the Beacon Chain will be responsible for setting the rest of the Merge process in motion. The Merge will shift ether from proof-of-work to a more energy-efficient proof-of-stake protocol.
Other altcoins were mostly in the green with ADA, ATOM, and SHIB all recently up over 4% over the previous 24 hours. The native token for GMX, a decentralized exchange on Arbitrum, rose more than 9% and has climbed significantly in recent weeks.
Cardano gained 4.8% to change hands at US$0.50 following the Cardano Hackathon at the National Technological University in Buenos Aires, Argentina, on Sept. 3 and 4. The event allowed programmers to collaborate on software development. Solana rose 3.2% to US$32.11 after announcing the network would be adding support for Move — a programming language for writing smart contracts originally developed by Facebook to power the Diem blockchain.
The overall cryptocurrency market cap stands at $982 trillion, and Bitcoin’s dominance rate is 38.7%.
Read more:
- Vitalik Buterin: Bitcoin Price Will Look Like Twenty Years From Now
- Barry Silbert Is Still Expecting Bitcoin Price At $100,000 – It’s Ridiculous