The Bitcoin price turned worse again in the last 24 hours as the asset fell to an 18-day low of $29,650.
Most altcoins have also turned red, with ETH close to breaking below $1,900. SOL has offloaded most of the larger caps.
BTC falls below $30K
Bitcoin went on a massive roller coaster late last week when it surged from just over $30,000 to $31,800 to record its highest price in over a year. This came after Ripple’s court victory over the SEC.
However, the top cryptocurrency failed there and plummeted the next day to $30,000. The bulls managed to rally a few hundred dollars by the time the weekend rolled around.
As with most of the past, this past weekend was also uneventful, with BTC spending it stuck at $30,300. Monday did not provide different scenarios either, and it was only during the early trading hours of Tuesday that Bitcoin finally made a move.
However, it was not positive, as BTC fell to $29,650 (on Bitstamp) for the first time since June 30. It has managed to recoup most of the losses but is still shaky above $30,000.
Its market capitalization has shrunk to less than $585 billion, and its dominance over alternatives has increased slightly to 48.6%.
BTCUSD. Source: TradingView
LINK challenges Marke’s sentiment
Most altcoins were quieter over the weekend as well, but the picture now is a bit more sore. Ethereum is close to falling below $1,900 after a 1.4% drop on a daily scale. Ripple and Binance Coin, which traded places last week, were down 0.5% at $0.74 and $242, respectively.
Cardano, Dogecoin, Polkadot, Polygon, Avalanche, and Litecoin have all fallen 2-4% in one day. However, Solana is the one that has shed the most from the larger-cap alternatives, having lost 6.5% of value. As a result, SOL fights to $25.
Chainlink is the only notable exception to the top 50 alts. Following the news of the launch of its cross-chain protocol, LINK has shot up 6% and is trading above $7.
Total crypto market capitalization has lost just over $10 billion in one day and is inches away from over $1.2 trillion on CMC.
Overview of the cryptocurrency market. Source: quantify crypto
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TradingView cryptocurrency charts.
This post Chainlink Jumps 7% On Cross-Chain News, Bitcoin Drops To 18-Day Low (Market Watch)
was published first on https://cryptopotato.com/chainlink-jumps-7-on-cross-chain-news-bitcoin-slipped-to-18-day-low-market-watch/
