Bitcoin Struggles To Retain The $20,000 Mark While ENS Protocol Gains


In the past two days, Bitcoin triumphantly reached the critical level of $20 thousand. This was a sudden push out of the underlying cryptocurrency after hovering between $18,000 and $24,000 for several months. But after the effects of some macro-economic factors, the price of BTC was close to the $19K region.

This year has been the toughest for crypto assets and other financial instruments. But the struggle to maintain its value seems to be paying off as most coins are currently recovering their loss values. Although the Federal Reserve remains optimistic, the market is gradually moving to the upside.

However, the uptrend in the broader cryptocurrency market is gradually spreading. The leading cryptocurrency has held its ground firmly even though the bears are struggling to take the reins.

The emergence of the bulls deterred further decline of Bitcoin. Other cryptocurrencies are heading north, with Ethereum Name Service (ENS) emerging as the best performer.

With the new price movement, the cumulative market capitalization reached $964.91 billion, indicating a rise of 0.70% over the past 24 hours. The general meaning of events shows a slight improvement in the trend compared to yesterday and last week. However, the broader cryptocurrency market sentiment still contained elements of fear.

Bitcoin is consolidating the $20,000 level

After reaching the critical level of $20,000 a few days ago, Bitcoin is currently showing its sustainability. Origin defended its position on the level and also consolidated it admirably. This was observed in the early trading hours of September 6, when the bitcoin price reached $20,200.

It is worth noting that the bears attempted to lower the price of Bitcoin yesterday as the token hit $19,730 on Binance. Staying at the critical level is the only chance for the leading cryptocurrency to achieve more upside.

At the time of writing, Bitcoin is hovering around $19,862 visualizing a loss. Its market capitalization has reached over $386.2 billion, while its dominance over altcoins is 40.04%.

Bitcoin Struggles to Hold the $20,000 Mark as ENS Protocol Profits
Bitcoin depicts a loss on the chart of BTCUSDT on Tradingview.com

Altcoins are quiet, while ENS is soaring

Altcoin price action is showing calm, with a small drop of a few coins. Most of the assets consolidated their recoveries in the past day.

But the Ethereum Name Service coin, ENS, is taking the lead with a roughly 11% increase in today’s early trading hours. At the time of writing, ENS is trading at $16.91. EVMOS is following closely. Remember, EVMOS was the worst performing crypto asset as of yesterday. For Ripple (XRP), it appears to be a time of strength with gradual performance.

Featured image from Forbes, chart from TradingView.com



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