Chainlink Jumps 7% on Cross-Chain News, Bitcoin Slipped to 18-Day Low (Market Watch)

2023-07-18 08:59:28

Bitcoin’s price took another turn for the worse in the past 24 hours as the asset fell to an 18-day low of $29,650.

Most altcoins have also turned red, with ETH close to breaking below $1,900. SOL has dumped the most from the larger caps.

BTC Dips Below $30K

Bitcoin went on a massive roller-coaster at the end of last week when it pumped from just over $30,000 to $31,800 to register its highest price tag in over a year. This came following Ripple’s court win over the SEC.

However, the primary cryptocurrency failed there and nosedived on the following day back down to $30,000. The bulls managed to recover a few hundred dollars by the time the weekend had arrived.

As with most previous ones, this past weekend was also uneventful, and BTC spent it stuck at $30,300. Monday didn’t provide any different scenarios either, and it was only during the early trading hours of Tuesday when bitcoin finally made a move.

It wasn’t a positive one, though, as BTC slumped to $29,650 (on Bitstamp) for the first time since June 30. It has managed to recover most of the losses, but it is still shaky above $30,000.

Its market cap has declined to under $585 billion, and its dominance over the alts is slightly up to 48.6%.

BTCUSD. Source: TradingView## LINK Defies the Marke Sentiment

Most altcoins were also calmer during the weekend, but the landscape now is slightly more painful. Ethereum is close to dropping below $1,900 after a 1.4% decline on a daily scale. Ripple and Binance Coin, which exchanged places last week, are down by 0.5% to $0.74 and $242, respectively.

Cardano, Dogecoin, Polkadot, Polygon, Avalanche, and Litecoin have all dropped by between 2-4% in a day. Solana, though, has dumped the most from the larger-cap alts, having lost 6.5% of value. As a result, SOL struggles at $25.

Chainlink is the only notable exception from the top 50 alts. On the news of its cross-chain protocol going live, LINK has soared by 6% and trades above $7.

The total crypto market cap has lost just over $10 billion in a day and sits inches above $1.2 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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