The alternative coins, which were riding high yesterday, have turned red today, except for QNT – 10% surge.
Bitcoin Rejected at $20K
Ever since last week’s price drop to $18,100 propelled by the US Fed’s latest interest rate hike, the primary cryptocurrency had calmed around $19,000. In fact, it spent most of the weekend there, with little to no movement.
Then came Monday, and BTC slipped to $18,600. However, the asset went on the offensive on Tuesday and spiked by more than $1,500 in hours. As a result, it skyrocketed to a 12-day high of over $20,300 .
At that point, though, reports started to emerge that traders had put sell orders at the $20,000 lines, which suggested upcoming price drops. Such indeed transpired, and bitcoin slumped back down to $18,500 hours later.
This came as the trading volumes shot up to their highest levels in over three months, according to Santiment.
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