Markets
LINK Explodes 18% Daily, BTC Holds $66,000 as Bitcoin ETF Inflows Continue (Market Watch)
Bitcoin price hit a multi-week high yesterday at around $66,600 before being pushed lower by around a thousand dollars, but has recovered to the $66,000 level for now.
Several altcoins continued their recent rally, with LINK taking the main stage after a massive 18% increase.
BTC returns to $66,000
The leading cryptocurrency had a rough end in the previous business week, when it was pushed to just inches above $60,000. Instead of falling below the coveted mark, the asset rebounded over the weekend and especially on Monday.
The bulls kicked off an impressive rally at the start of the current week that took bitcoin to just over $63,000. It failed at first, falling to $61,200 among some Coinbase Problemsbut went back on the offensive Wednesday after the United States announced April CPI numbers.
While spot ETFs on Bitcoin are flocking continued to increase on Wednesday and Thursday the price of BTC rose to maximum of three weeks of just over $66,500. The asset saw a slight retracement last night, but is currently back above $66,000, on the fourth consecutive day of positive flows into those ETFs.
Its market capitalization remains slightly above $1.3 trillion, but its dominance over alternatives has taken a hit and has fallen to 51.7%.
Bitcoin/Price/Chart 17.05.2024. Source: TradingView
LINK Rockets to the stars
Most alternative coins went green yesterday similar to bitcoin. While some, such as BNB, DOGE, TON, TRX and SHIB, are now slightly in the red, most others have continued to rise.
Ethereum and Ripple are up 0.5-1%, which helped the former hold $3,000 and the latter $0.5. Additional gains come from the likes of SOL, ADA, AVAX, DOT, BCH, HBAR and ICP.
However, Chainlink has stolen the show from larger-cap alternatives. LINK has skyrocketed more than 18% over the past day and is now trading above $16.
The total cryptocurrency market capitalization remained relatively steady on a daily scale at just over $2.5 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.