As Bitcoin Struggles to Surpass $2000, Chainlink Shines and ETH Seems to Be Gearing Up for the Merge
The crypto market has been struggling since the Fed raised interest rates. As a result, the financial markets have started to bleed. Many coins have started trading in the red.
Bitcoin Struggles To Remain Above $20K
Altcoins and Bitcoin lost their last week’s gains, and they are struggling to maintain their expected levels. On September 5, the trading price of these assets started to show signs of a tough week ahead.
Bitcoin’s dominance has also dropped below 39 percent, while its market cap is below $380 billion. This metric shows the performance of the asset relative to other cryptocurrencies. It indicates that Bitcoin has performed better than altcoins when the figure is high.
The price of Bitcoin has dropped below the $20,000 mark. According to the latest data from TradingView, the price of Bitcoin is currently at $19,000. Bitcoin has also lost 0.57% in the past 24 hours.
During the week of August 13, the price of Bitcoin fluctuated between around $24K and $23K. On August 20, it dropped to around $20K, which caused a lot of panic in the market. On the next day, Bitcoin gained again and reached $21K. However, after the Fed meeting on August 26, the crypto market started to fall again.
After the day of the Fed meeting, Bitcoin lost more than $1k and closed the day at around $20,260. The next day, the price dropped below the $20,000 mark before recovering. Unfortunately, since then, Bitcoin has not performed well.
From August 27 to September 2, Bitcoin prices failed to maintain their $20K mark. During this period, Bitcoin lost ground on multiple occasions. It has also been trading multiple times below the $20,000 mark from September 3 to 5.
Chainlink Token Gains Amid Price Drop
Although Bitcoin started the week with a negative impact, altcoins such as Chainlink LINK could still perform well. Currently, the price of cryptocurrency is around $7.19.
LINK has increased by 0.34% in the past 24 hours. It started falling on August 18 and traded between $7.04 and $7.13 before it fell off the mark following the Fed’s meeting on August 26. It remained below $7 until September 5, when it gained more than $7.
Other Coin Prices and Indicators Negative
Altcoins are struggling, and this week’s bear market has affected the whole crypto market. The figure is below $1 trillion and could stay longer if the bears keep pushing.
Some altcoins, such as ADA, DOGE, XCN, MATIC, BNB, and more, are struggling with price losses. For instance, while ADA is down by 1.31%, XRP is down by 1.16%. On the other hand, ATOM is down by 0.08%.
Although the price movements are not encouraging, some coins are still gaining. For instance, Ethereum lost some ground early today but is now up by 1.87% at $1582.13. It indicates that the price can still go up and down from here.
Nearing 205 Million
The number of unique and distinct addresses being added to the Ethereum network has been experiencing an incredible increase. In just 2022, there were over 21 million unique addresses on the network. The daily growth rate for these addresses is around 62,000.
There are over 204.6 million unique and distinct addresses on the Ethereum network. If the current daily rate continues, it will take around a week for the total number of these addresses to reach a new all-time high.
Five years ago, there were only 18.4 million unique and distinct addresses on the Ethereum network. That is a huge increase from the previous year. During the last decade, the number of unique and distinct addresses on the network has risen by over 1,000%.
If the number of distinct and unique addresses on the Ethereum network continues to increase at the same rate, it will reach over 220 million by 2022.