The price of bitcoin dropped below the $19,000 mark and kept falling. The value of the biggest and most well-known cryptocurrency in the world fell by more than 5% to $18,644. According to CoinGecko, the market capitalization of all cryptocurrencies fell below $1 trillion today after declining more than 5% over the previous day to reach $986 billion.
“Bitcoin plunged below the $19,000 level as investors are moving away from riskier assets. This is the weakest level BTC has seen since July 13th. If the selling pressure continues this way, the next level could be US$17,500. The second largest crypto, Ethereum surged early Tuesday but fell by nearly 7% in the past 24 hours. One of the reasons for the downward trend could be because of the long US Labor Day holiday weekend, ” said Edul Patel, CEO and Co-founder, Mudrex.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, dropped by almost 8% to $1,502. With regard to its consensus protocol, Ethereum is switching to proof-of-stake. Bellatrix, the most recent Ethereum network upgrade, went live on September 6, 2022. It begins the blockchain’s shift from proof of work to proof of stake, called as the Merge. Strong computers, referred as as miners, are necessary for the proof-of-work technique to protect the network and generate rewards in Ether.
The Paris upgrade, which fires the miners to complete the Merge, will come after Bellarix. The improvement will take place the following week. Since the launch of the Ethereum blockchain in 2015, The Merge has been on the company’s roadmap. Crypto investors are placing their bets on the Merge eventually happening this year after numerous delays over the past few years, based on developer updates and a few successful test runs earlier this year.
Dogecoin’s price was nearly 8% lower today at $0.05, while Shiba Inu’s price decreased about 5% to $0.000012. As prices for Chainlink, Apecoin, XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Avalance, Solana, Cardano, Stellar, Tron, and Polygon have been falling over the past 24 hours, other cryptocurrencies’ performance today has also decreased.