The world’s leading cryptocurrency, Bitcoin, has had an interesting week as it briefly hit the $22,500 mark on Friday. The crypto has had a rough time since last month, trading below $20,000. Cynics have gone so far as to predict a $12,000 drop for the stock amid a broader market bearish cycle. However, it rallied last week and broke the $22,000 resistance mark before falling again. Today, Bitcoin has pulled back and is currently trading around the $20,000 mark.
Meanwhile, as the crypto ecosystem changes amid low inflation, the price of Celcius is down 17%. The CEL token rose 13 percent on Sunday, down from a high of $1.7 on Monday to $1.43. At the time of writing, the crypto is standing in the $1.70 price range.
Related reading: Why Cardano’s price may be on the verge of another drop
Many events collide with each other, causing high volatility in the crypto market
This period is very volatile for the crypto market as several significant events seem to collide with each other. On the one hand, there is the Ethereum integration, a move from the PoW consensus protocol to a more energy-efficient PoS. The much-anticipated event was met with much hype and marketing activity. It will be held this November 15 after several postponements due to several problems in the development process.
Another event that analysts expect to impact the crypto market is the CPI release on September 13. Some have said that CPI will determine the price of crypto in the coming days more than Ethereum integration. These combined with high inflation have kept the entire crypto ecosystem in constant turmoil.
The broader Crypto market is bleeding.
For now, the market is bleeding after the weekend gains. Ethereum is down 5%, currently trading at $1,581. As for Cardano’s native currency, it cleared $0.4783 after trading at $0.5209 last weekend. The price of DOGE is down 7% from its weekend high. It is currently trading at $0.06067. As for XRP, it has dropped sharply from Friday’s gains of $0.3606, down to the current $0.3371.
Related Reading: WATCH: Bitcoin Bear Market Tests Corrective Patterns | BTCUSD September 14, 2022
Most Altcoins are down at least 8% amid the current crypto bear market. It could also follow if Bitcoin falls below $20,000. As things stand, there are mixed feelings among investors and traders about King Coin. Some believe that it can grow to 22,000 dollars, while others predict that it will reach a low zero mark. $12,000 is the most popular expected zero mark for Bitcoin.
Featured image from Pixabay and chart from TradingView.com