Ripple Rise 8%, Bitcoin Drops to Weekly Lows

Ripple Rise 8%, Bitcoin Drops to Weekly Lows

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Answer Ripple Rise 8%, Bitcoin Drops to Weekly Lows

Bitcoin fell further below the desired level of $20,000 to chart another weekly low of just over $19,000.

Ethereum also continues to struggle after implementing the Merge upgrade two days ago as it fell below $1,450.

In contrast, Ripple is up nearly 8% in the last 24 hours.

Bitcoin hits new weekly low:

The past days have not been kind to the major cryptocurrency as the trend changed on September 13th.

At the time, the price of Bitcoin was rising and approaching $23,000 after gaining more than $3,000 in days.

Bitcoin then reversed course somewhat violently, and the US CPI numbers added to the pain.

Just hours after the data was released, Bitcoin found itself struggling to stay above $20,000.

Read:What is the reason for Blockport coin dropping more than 85% in one day?

Although Bitcoin initially held this level, it felt inevitable that it would break sooner rather than later.

This first happened on September 14th, and after failing to recover that line immediately, Bitcoin got stuck below it.

The past 24 hours have caused more pain as the price of Bitcoin dropped to $19,300, the lowest price since September 9.

Despite recovering a few hundred dollars now, Bitcoin is still under $20,000, and its market capitalization is still under $400 billion.

Ripple steals the spotlight:

Altcoins have also struggled since the CPI figures were released in the US, but there was a lot of hope that the completion of the Ethereum consolidation would lead to some easing and a market recovery.

The event finally took place on Thursday, and Ethereum was initially quiet, at around $1,600.

Hours later, the price of the second largest cryptocurrency dropped below $1,500 and continued to drop to $1,400 earlier today.

In fact, Ethereum is among the few coins with a large market cap in the red on the daily scale now as well.

Read:Concerns about using Facebook’s data in its new cryptocurrency project

In contrast, BNB, ADA, DOT, DOGE and TRX appear slightly green.

While the cryptocurrency Ripple outperformed all other top 10 coins with a massive increase of 7.5%.

Thus, the price of Ripple touched $0.35.

ATOM and LINK also gained some of the daily gains – 9% and 5%, respectively.

With the continued fluctuation of the price of Bitcoin and alternative digital currencies and their tendency to fall, the total value of the market remained below $1 trillion.

Read also:

Celsius applies for approval to sell its stablecoin reserves

SEC chief warns merger update could turn ETH into a security token

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