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The bulls are back in town? BTC pushes past $20,000 to beat Septembear blues

By Alara Jordan

Edited by Charlie Mellor

09:21, 28 September 2022

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In this article:
ADA/USD
Cardano / USD
0.32402 USD
0.0001 +0.030%
DOT/USD
Polkadot / USD
5.6038 USD
0.0015 +0.030%
ETH/USD
Ethereum / USD
1273.82 USD
-2.03 -0.160%
LINK/USD
ChainLink / USD
7.40819 USD
-0.019 -0.260%
SOL/USD
Solana / USD
13.6526 USD
-0.0037 -0.030%

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Represenation of a bitcoin surrounded by other cryptocurrencies
Bitcoin has rallied at a time when the overall markets have slumped – Photo: Shutterstock

The largest token by market capitalisation showed early signs of recovery as it rose as much as 2% on Monday 26 September to push past its resistance level and trade upwards of the $20,200 mark.

Bitcoin (BTC) has rallied at a time when the overall markets have slumped, (representing an opportunity for bullish traders) after reclaiming its price above its $20,000 threshold and sending a signal of relief for analysts that believe a bear market could be on the horizon.

Also, BTC has been relatively stable with low volatility over the past few weeks, breaking away from its short-term resistance line at different times throughout the month. As of earlier on 28 Septemter, its market cap was around $357bn, with its dominance over other altcoins close to 50%.

However, since Monday, BTC has fallen back down to the $18,600 mark, recording a 7% decline in the last 24 hours, according to CoinMarketCap. Its current price sits around 20% below its August peak.

BTC to USD

DOGE/USD

0.10 Price
+1.760% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0015741

BTC/USD

17,094.65 Price
+0.350% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 66.00

XRP/USD

0.39 Price
-0.630% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00372

LUNC/USD

0.00 Price
-3.440% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
Spread 0.00000725

Crypto market shows strengh following The Merge

Severeal altcoins have stayed in the green following Ethereum’s long-awaited Merge on 15 September. Cardano (ADA) has remained relatively stable, while popular altcoin Polkadot (DOT) dipped initially after the update, but recovered within 24 hours to trade around the $7.10 mark.

Solana (SOL) has floated around the $32 mark, while Chainlink (LINK) has also reported a stready increase in price.

Ethereum (ETH) was among the worst performers after The Merge, dropping from close to $1,600 to under $1,300. At the time of writing, the second largest crypto was trading at around the $1,270 mark.

What is your sentiment on BTC/USD?

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

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