Markets
LINK Explodes 18% Daily, BTC Holds $66K As Bitcoin ETF Inflows Continue (Market Watch)
Bitcoin price reached a multi-week high yesterday at around $66,600 before being pushed down by around a thousand dollars, but has recovered to the $66,000 level as of now.
Several altcoins continued their recent rally, with LINK taking center stage after a massive 18% surge.
BTC back to $66k
The leading cryptocurrency had a rough end to the previous trading week when it fell to just inches above $60,000. Instead of falling below the coveted round numbering milestone, however, the asset rallied over the weekend and especially on Monday.
Bulls began an impressive rally at the start of the current week that took bitcoin to just over $63,000. It failed initially, falling to $61,200 amid some Problems with Coinbasebut went back on the offensive Wednesday after the U.S. announced the CPI numbers for April.
As Spot Bitcoin ETF Enters continued to increase on Wednesday and Thursday, the price of BTC soared to three week high of just over $66,500. The asset pulled back slightly last night but has jumped above $66,000 as of now amid the fourth consecutive day of positive flows for these ETFs.
Its market capitalization remains slightly above $1.3 trillion, but its dominance over alts has taken a hit and fallen to 51.7%.
Bitcoin/Price/Chart 17.05.2024. Source: TradingView
LINKRockets
Most alternative currencies turned green yesterday, similar to bitcoin. While some, like BNB, DOGE, TON, TRX, and SHIB, are slightly in the red now, most others have continued to rise.
Ethereum and Ripple rose 0.5-1%, which helped the former hold $3,000 and the latter $0.5. More gains come from companies like SOL, ADA, AVAX, DOT, BCH, HBAR and ICP.
However, Chainlink stole the show from larger-cap alts. LINK has soared over 18% in the last day and now trades above $16.
The total crypto market capitalization has remained relatively stable on a daily scale, at just over $2.5 trillion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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