As a seasoned analyst with extensive experience in the cryptocurrency market, I have closely monitored Bitcoin’s recent price action and the surge of several altcoins, most notably Chainlink (LINK). Yesterday, Bitcoin tapped a multi-week high at around $66,600 before experiencing a slight pullback but has since reclaimed that level. This resilience is a testament to its strength and continued demand from investors.
As a researcher studying the cryptocurrency market, I observed that Bitcoin reached a new peak of approximately $66,600 last week, only to experience a slight pullback, dipping around $1,000. However, at present, Bitcoin has regained its footing and is trading once more above the significant level of $66,000.
As an analyst, I’ve observed that several alternative coins have persisted in their recent upward trend. Notably, Chainlink (LINK) has emerged as the standout performer after experiencing a significant price increase of approximately 18%.
BTC Back to $66K
Last week, the leading cryptocurrency experienced a rough closing, hovering barely above the $60,000 mark. Despite the potential for dipping below this significant threshold, the digital asset managed to rebound over the weekend and particularly on Monday.
At the beginning of this week, bulls propelled bitcoin upwards, reaching a peak of around $63,000. However, their advance halted momentarily at this level due to some Coinbase-related complications, causing a decline to $61,200. Nevertheless, they regained momentum on Wednesday following the release of the US Consumer Price Index (CPI) data for April.
On Wednesday and Thursday, the inflows into Bitcoin spot ETFs continued to rise, causing Bitcoin’s price to reach a three-week peak of over $66,500. Yesterday evening saw a minor pullback, but Bitcoin has since regained its footing and surpassed $66,000 once more during this fourth consecutive day of favorable ETF inflows.
The market capitalization of this entity hovers around $1.3 trillion, yet its leadership among alternatives has weakened, now at approximately 51.7%.
LINK Skyrockets
Yesterday, many alternate cryptocurrencies mirrored bitcoin’s price increase and turned green. However, a few coins like BNB, DOGE, TON, TRX, and SHIB experienced slight losses, while the majority continued their upward trend.
Two cryptocurrencies, Ethereum and Ripple, have experienced gains of around 0.5-1%, enabling Ethereum to retain its position above $3,000, while Ripple hovers around $0.5. Additional growth can be attributed to other digital assets such as Solana (SOL), Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Bitcoin Cash (BCH), Hedera Hashgraph (HBAR), and Cosmos (ICP).
Despite the larger altcoins, Chainlink has outperformed and taken center stage, experiencing a surge of over 18% within the last day, currently trading above $16.
The cryptocurrency market capitalization has stayed fairly stable around $2.5 trillion on CoinGecko over the past day.
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2024-05-17 11:58