Chainlink Defies Market Sentiment With 5% Jump as Bitcoin Remains Wobbly at $43K: Market Watch


Bitcoin’s price performance continues in an underwhelming fashion, as the asset slipped below $43,000 but has returned to that level in the Asian trading hours.

The altcoins are mostly with minor gains, aside from LINK and TIA from the larger caps, both of which have charted impressive increases.

BTC Shaky at $43K

Bitcoin faced enhanced volatility after the approval of spot ETFs last month, but it was predominantly heading south. This culminated in a massive price drop to $38,500 on January 23. However, the bulls finally stepped up on the gas pedal at that point and didn’t allow any further declines.

Just the opposite, BTC started regaining value and jumped to $40,000 during the following weekend. Last week was even more positive, with further increases that pushed the asset north to $43,750 on a few occasions.

Nevertheless, each attempt to take down $44,000 was unsuccessful, and BTC was eventually pushed back down to $42,000 on Thursday – a day after the latest FOMC meeting.

The cryptocurrency managed to recover some ground and entered the weekend at around $43,000. It didn’t really move from that position in the next few days until earlier today when it slipped by almost a grand. As of now, though, Bitcoin has recovered most losses and remains close to $43,000 once again.

Its market capitalization is back to just over $840 billion, and its dominance over the alts is inches above 51% on CMC.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LINK, TIA Take Over

Most alternative coins have produced minor gains over the past day. Ethereum and Binance Coin are up by around 1% each, which has helped ETH remain above $2,300 and BNB stand north of $300.

SOL, DOGE, TRX, DOT, MATIC, and TON are also slightly in red, while XRP, ADA, and AVAX have insignificant losses.

Chainlink has taken the main stage from this cohort of alts, with a 5% surge that has taken it to nearly $19. TIA is up by 7% and trades above $18.

The cumulative market cap of all crypto assets has remained sluggish at $1.650 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.



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