Cryptocurrency Price LIVE Today: Bitcoin Remains Below $20,000; Ethereum drops 16.5% in a week

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Cryptocurrency Price Today: The global cryptocurrency market on Saturday, September 17, expanded on the previous day’s losses, led by Ethereum, which fell sharply after the merger was implemented. The merger had a further impact on crypto markets on Friday, which were already struggling with shocking US inflation data. At the time of writing this article, its market cap was $961.89 billion, down 0.05 percent in the past 24 hours.

“Last week was full of high impact macro events, with US CPI inflation for August being the primary market mover. At 8.3 percent, the rate was ahead of the estimated 8.1 percent and core inflation of the stickier component exceeded estimates by 6.3 percent. This positive shock torpedoed prices in several asset classes, including US stocks, gold and cryptos,” said Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch.

“Surprisingly, Crypto markets recovered much better than other risky assets as ETH amalgamation took center stage. Amid increased volatility and trading volumes, Ethereum moved to Proof of Stake consensus mechanisms, reducing energy consumption by >99 percent In addition, there has been a ‘triple halving’ in ETH supply and the asset is now deflationary,” he added.

Bitcoin price is up 0.83 percent today but stayed below $20,000. At the time of writing this article, Bitcoin price was at $19,870.25 percent, data from CoinMarketCap showed. Bitcoin is down 6.85 percent in the past week.

“The crypto market has been on a downward trend this week as sentiment around cryptocurrencies remained bearish after US inflation data disappointed investors, who rose than expected. Bitcoin, Ethereum and most cryptocurrencies experienced the heat wave as sentiment weakened after the data release. Bitcoin surged above the $22,000 level on Monday but fell to $19,000 in the middle of the week. If BTC falls below the current level, the next support level would be $19,500,” said Edul Patel.

Meanwhile, Ether plunged more than 9 percent on Friday and expanded its losses on Saturday after the merger. The Ethereum price today at the time of writing this article was $1,432.66, down 2.16 percent in the past day. In the past week, Ether prices fell 16.52 percent.

“The second-largest cryptocurrency, Ethereum, sank below the $1,500 level despite the Merge being a resounding success in transitioning from PoW to PoS. However, the merger may not have an immediate impact on ETH’s price action as it takes some time for market participants to process such significant events. If ETH does not stay above the current level, we may see ETH retest the US$1,300 level,” Patel said.

“BTC outperformed ETH over the week as Fidelity announced its plans to offer BTC exposure to its retail trading clients. Among altcoins, the focus remains on ADA as the upcoming Vasil hard fork approaches,” Chaturvedi added.

Here are the top 10 cryptocurrencies and their prices on September 17, Saturday (data from coinmarketcap.com)

Bitcoin $19,870.25 or 0.83 percent gain in the last 24 hours

Ethereum $1,432.66 or 2.16 percent loss in the last 24 hours

Tether $1.00 or 0.00 percent gain in the last 24 hours

USD Coin $1.00 or 0.00 percent loss in the last 24 hours

BNB $276.63 or 1.24 percent gain in the last 24 hours

Binance USD 0.9998 or 0.03 percent loss in the last 24 hours

XRP $0.355 or 0.25 percent loss in the last 24 hours

Cardano $0.5014 or 2.51 percent loss in the last 24 hours

Solana $32.87 or 0.43 percent gain in the last 24 hours

Polkadot $7.64 or 2.47 percent loss in the last 24 hours

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