Bitcoin price is currently hovering around $19.5ki at the time of writing after another day of relative inactivity. The largest cryptocurrency by market cap is consolidating around current levels after failing to recover above $20k. Altcoins, on the other hand, were largely stable with no major price changes. More on that later.
In other news, a new study from Cryptocompare shows that Bitcoin has outperformed both the S&P 500 and the Nasdaq over the past month. This despite the fact that the digital currency in general is going through a difficult time, with investments drying up due to the continued monetary policy tightening. More on that later.
Norway’s government wants to cancel electricity tax breaks for Bitcoin miners in the country. This move allowed miners to take advantage of cheaper electricity, but unfortunately the government is expected to stop tax breaks soon. This decision will also affect data centers in the country set up by the largest technology companies in the world such as Google and Amazon. Crypto mining will be discontinued despite the fact that it turns out to be a great source of heat for residential units around it, which can be beneficial to the community in winter.
Bitcoin price is stable at $19.5k
Bitcoin is currently changing hands at around $19.5ki at the time of writing, after another sluggish past 24 hours. The cryptocurrency is back below $20k after failing to push the price above it.
The last 24 hours started with the BTC rate around $19.4k. It remained within $200 of this price as of this writing, showing significantly less volatility overall. The index tried to return to $20,000 late last night and reached a relatively high level of $19.62k at midnight. However, no further progress was made and it dipped back to $19.5k in several stages until For the rest of the day, the cryptocurrency posted even smaller changes, mostly trading sideways around the $19.5k level.
Bitcoin is now stuck between two key support levels of $19k and $20k. The former is the most appropriate support for the cryptocurrency at the moment as positive price action is nowhere to be found. Previous attempts to hold the price above $20k have failed each time and now we are slowly moving back to the $19k support. Other than that, Bitcoin is consolidating around current levels and generally showing less volatility, which is good to see, even as markets around the world continue to be ravaged by fears of an early recession and monetary tightening of high interest rates.
Bitcoin’s total market capitalization was approximately $374 billion and its share of the crypto market was 41.25%.
Altcoins remain stable
Altcoins have been largely stable over the past 24 hours, showing little to no price movement. Biggest movers included Ripple (XRP, 1%), Dogecoin (DOGE, 1.2%), Uniswap (UNI, -2.3%), Litecoin (LTC, 1.5%) and Cosmos (ATOM, 2.6% ).
In other news…..
Bitcoin outperforms S&P500 and Nasdaq in September
Despite a poor performance in September overall, Bitcoin still managed to outperform major indices such as the S&P 500 and Nasdaq. This may come as a shock to many crypto investors, but the truth is that the markets in general are not doing very well, and at least the crypto sector is doing better at the moment.
According to Cryptocompare’s report, Bitcoin fell in value by about 3.11% in total in September. It’s no reason to celebrate, but the S&P 500 and Nasdaq reported cumulative losses of 9.34% and 10.5%, respectively. Gold (+2.8%) remained the only major asset to slightly outperform Bitcoin during this period.
However, September is almost always bearish for Bitcoin, and now that it’s over, a small rally can’t be ruled out when market conditions allow. Overall, BTC is still below $20k and in a downward curve that it hasn’t been able to shake in the long run.