- BTC dropped below the $19k mark as bulls seek a price recovery before the end of September.
- XRP continues its refined form, maintaining a 25% increase in the last ten days.
- Several digital assets are bearing the full brunt of the long crypto winter as it shows little signs of thawing.
The market shuffles into the last week of September with prices looking grim for the bulls but XRP inches upwards.
The price of Bitcoin (BTC) has again failed to hold the $19k resistance level as the market downturn bites even harder. September has seen the leading crypto asset fall to new lows keeping it at par with the price in Nov 2020.
BTCUSD Chart by TradingView
This weekend, BTC traded at $19,412, picking up from $18,891 on Friday with the global economic trend affecting its price. The price of BTC dipped as low as $18,761 on Saturday and continued its falter in the past 48 hours.
The United States Foreign Reserve and the Bank of England’s decision to increase interest rates last week has taken a toll on the price of BTC. With a reduced borrowing power, investors look to take out risky assets while others sell Bitcoin each time there is an increase in interest rate.
Ripple (XRP) is on the other end of the spectrum, continuing its stellar run of form. XRP has surged over 40% in September, pushing the coin above its 200-day moving average. XRP reached a high of $0.5072 to stand out from the gamut of other digital assets. XRP has been on a price rally as enthusiasts believe the landmark case with the SEC has reached its final stages as Ripple looks to have the upper hand.
The bear market could go both ways
With major cryptocurrencies down, the bear market is biting hard, leaving users worried about the length of the price lull. The bear season is part of the digital asset’s market cycle, with many experts saying it is a time to learn about the market for the future. Messari CEO Ryan Selkis believes the bear market is a perfect time for “cleaning house” and “getting the right people in the room.”
While most experts align with this view, the big question on most enthusiasts’ minds is whether projects can survive a long winter. Six months into the bear market, projects like Celcius, Terra, Zipmex, and Three Arrows Capital have seemingly thrown in the towel, while Binance and FTX appear to have found the trick to staying afloat.