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Market Watch: Polkadot (DOT) Replaced Ripple on The Top 4, Chainlink (LINK) New All-Time High

Summary:
Following an unsuccessful attempt to overcome the ,000 price tag over the past two days, BTC headed south once again to an intraday low of about ,500. Simultaneously, while most alternative coins were in the red, the two large-caps – Chainlink and Polkadot – have both exploded to new all-time highs.Bitcoin Dips To .5K But Quickly RecoversThe primary cryptocurrency managed to recover the losses following a “Black Monday” style crash that drove it back to the K price area in a matter of a day. On Thursday, only three days later, BTC took a swing at ,000.There, the bears took charge and drove it south once more. In the following hours, bitcoin started gradually decreasing in value before a sharp dump to an intraday low of below ,500 (on Bitstamp), while U.S. stock markets’

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Following an unsuccessful attempt to overcome the $40,000 price tag over the past two days, BTC headed south once again to an intraday low of about $34,500. Simultaneously, while most alternative coins were in the red, the two large-caps – Chainlink and Polkadot – have both exploded to new all-time highs.

Bitcoin Dips To $34.5K But Quickly Recovers

The primary cryptocurrency managed to recover the losses following a “Black Monday” style crash that drove it back to the $30K price area in a matter of a day. On Thursday, only three days later, BTC took a swing at $40,000.

There, the bears took charge and drove it south once more. In the following hours, bitcoin started gradually decreasing in value before a sharp dump to an intraday low of below $34,500 (on Bitstamp), while U.S. stock markets’ leading indices were also in the red.

Nevertheless, the cryptocurrency bounced off and currently trades around $37K.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Despite the correction to $34,500, and in light of the recovery, the crypto analytics company Santiment noticed that the daily active addresses and the trading volumes had sustained high levels, thus “creating a bullish divergence.”

Bitcoin Address Activity / Volume. Source: Santiment
Bitcoin Address Activity / Volume. Source: Santiment

DOT Replaced Ripple: Chainlink Breaks ATH

Most alternative coins mimicked BTC’s highly-volatile week, including the retracement in the past 24 hours. Ethereum has dropped by 3%, trading slightly above $1,200, while XRP is down to $0.28 after a 3% decrease.

Bitcoin Cash (-3%), Litecoin (-3%), and Stellar (-2%) are also in the red.

In contrast, Polkadot has doubled-down on its recent impressive performance with another all-time high. DOT neared $15 yesterday but has surpassed that level for its newest record of over $15.7, as of writing these lines.

DOT is now the 4th largest crypto by market cap, surpassing Ripple (XRP). DOT’s market cap is $14.8 billion, according to CoinGecko.

Chainlink had also exploded in value: its native token, LINK, had increased by 50% in just a week. On a 24-hour scale, LINK has gained 20% and reached a new ATH of over $22.5.

jan16coins-min
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains are evident from mid and low-caps: IOST (50%), The Graph (30%), Curve Dao Token (28%), Ocean Protocol (27%), Aave (25%), Energy Web Token (24%), Band Protocol (22%), Hedera Hashgraph (17%), Basic Attention Token (14%) and more.

Hence, despite the losses marked by BTC and other large-cap altcoins, the total market cap has remained above the coveted $1 trillion mark.

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