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    Home » Market Updates » Bitcoin Cash Soars 7%, Bitcoin Stalls at $21K (Market Watch)

    Bitcoin Cash Soars 7%, Bitcoin Stalls at $21K (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Aug 25, 2022 @ 08:43

    While bitcoin and most of the market remain calm, Bitcoin Cash went on the offensive and jumped to $135.

    Bitcoin continues to fail to produce any significant price movements in either direction and has remained stuck around the $21,000 level.

    The alternative coins are also untypically stable on a daily scale, with Bitcoin Cash emerging as one of the few exceptions.

    Bitcoin Stalls at $21K

    Last week’s extreme volatility, which pushed bitcoin south by over $4,000 in a matter of days, has not been replicated this week, at least for now.

    The last substantial price movement came during the weekend when BTC plummeted to a three-week low of $20,800 (on Bitstamp).

    It reacted well to this dip and quickly reclaimed the $21,000 level. Since then, the asset has remained relatively still around that line with a few minor price pumps and dumps that were halted immediately. As of now, it stands at just over $21,000, and its market cap is still above $400 billion.

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    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Bitcoin News

    While several crypto exchanges complained that the demand for their services declined after the summer crash, DBS said the BTC volume on its digital platform skyrocketed 4-fold.

    Bitcoin MVR Tripple Ribbon (consisting of 3MAs) suggested that the cryptocurrency’s adverse price movements could continue in the following few weeks.

    BCH Emerges on Top

    Somewhat surprisingly, most alternative coins have failed to produce large price swings as well in the past 24 hours.

    Ethereum was quite volatile until recently. The hype surrounding the upcoming Merge had pushed the asset to a multi-month high of over $2,050 about ten days ago. ETH lost over $500 in the following week or so but now stands above $1,600 after a minor daily increase.

    Ripple, Polkadot, Shiba Inu, and Avalanche are also slightly in the green now. In contrast, Binance Coin, Cardano, Solana, Dogecoin, and Polygon have charted insignificant losses.

    Bitcoin Cash stands out as the most substantial gainer from the mid-cap alts, with a 7% increase to $135.

    The overall crypto market cap has managed to defend the $1 trillion level.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto

    Industry News

    Celsius decided to respond to KeyFi’s lawsuit by launching a legal case of its own.

    A crypto trader found an interesting way to double their portfolio by betting against what CNBC’s Jim Cramer advised.

    The large US-based crypto exchange Coinbase faced yet another lawsuit.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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