Bitcoin Struggles to Reclaim $27,000 Level
Bitcoin made an unsuccessful attempt to reclaim the $27,000 level and is currently hovering around $26,500. Altcoins are also facing minor losses, except for Chainlink, which has experienced a notable price increase.
BTC Back at $26.5K
Last week was relatively stable for Bitcoin, with a brief spike on Saturday that pushed its price to a multi-day high of $26,400. However, it failed to continue the upward trend and retraced to $26,000 for the rest of the weekend.
Monday started off poorly but ended positively as Bitcoin surged above $27,000 for the first time in weeks. Although it experienced a dump shortly after, the bulls kept up the pressure and drove the cryptocurrency to a new 20-day peak of $27,500 on Tuesday.
The following days were calm, with Bitcoin maintaining the $27,000 level even after the US Federal Reserve’s decision not to raise interest rates. However, by Friday, Bitcoin lost its momentum and fell back down to $26,400.
It attempted to bounce back by the end of the day but failed and is currently at $26,500. Its market cap is below $520 billion, with dominance over altcoins just above 49%.
LINK in Green
Most altcoins are relatively stable on a daily scale. Some, like ETH, BNB, DOGE, ADA, DOT, MATIC, and LTC, have experienced minor losses, while others like XRP, TRX, TON, and SHIB are slightly in the green.
Solana has seen the most significant retracement among larger-cap altcoins, losing over 1% and struggling to stay below $20.
In contrast, Chainlink’s native token has surged by about 5% and is trading above $7. THETA is another notable gainer from the top 100 altcoins, with an 8% surge.
Overall, the total crypto market cap has remained relatively stable at just over $1.060 trillion on CMC.
Hot Take: Chainlink (LINK) Defies Market Sentiment as Bitcoin (BTC) Stalls at $26.5K
Despite the overall market sentiment and Bitcoin’s struggle to reclaim higher levels, Chainlink (LINK) stands out with a notable price increase. While Bitcoin remains stagnant around $26,500, LINK has surged by about 5% and is trading above $7. This demonstrates the resilience and potential of certain altcoins, even in a challenging market environment. Investors should keep an eye on these outliers as they may present opportunities for growth and diversification within their portfolios.
Source: CryptoPotato
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