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Bitcoin is just below $20,000 with falling volume and volatility

With the lack of any significant trading volume and volatility, it’s no wonder that bitcoin and most cryptocurrencies are pretty stagnant today.

After bitcoin missed the coveted $20,000 mark over the weekend, the asset has remained slightly below it while trading volume has been declining. Most alt coins are also fairly stagnant on a daily scale.

Is Bitcoin stagnant? 
Bitcoin tried to regain some ground on August 26 when it rose to $22,000-a multi-day high at the time. However, the bears were quick to intercept the move and pushed the asset lower.

In a matter of hours, BTC had lost nearly $2,000 and was dangerously close to breaking below $20,000. Although it managed to defend that level at first, it seemed almost inevitable that it would drop below it, which it did shortly thereafter.

As such, bitcoin found itself trading below $20,000 for the first time in over a month, and on August 29 it recorded a 7-week low at $19,500.

As the month was coming to an end and the beginning of September, BTC tried to rally, but was stopped at $20,000 once again. The asset has spent the last few days around that level amid a lack of any substantial trading volume or volatility.

Its market cap is still below $380 billion, and its dominance over alt coins is below 39%. It is also worth remembering that, historically, the bitcoin price does not stay stuck at the same level for very long.

Alternative currencies, however, have also lost capitalisation in recent days but have remained fairly quiet on a 24-hour scale, without strong variations.

With that, the cumulative market value of cryptocurrencies continues to struggle below the $1 trillion mark. At the time of writing, the metric stood at $972 billion.

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