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Weekend Watch: After Volatile Week BTC at $42K, LINK Explodes 13%

Summary:
After the enhanced fluctuations in the past several days, bitcoin finally calmed around ,000. The situation with the altcoin is quite similar, except for Chainlink. LINK surged by 13% and trades above . Bitcoin Sits Still at K It’s safe to say that the past few days didn’t go well for the primary cryptocurrency. On January 5th, it traded at ,000 after failing to overcome ,000 despite numerous attempts. This is where the landscape changed rapidly for the worse. Bitcoin started to lose value vigorously and dropped by ,000 in hours, as reported on Thursday. BTC stayed there for a while, but another initiative from the bears drove it to ,000 yesterday. This became its lowest price point since late September. After that, BTC fluctuated a bit more, leading to

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After the enhanced fluctuations in the past several days, bitcoin finally calmed around $42,000. The situation with the altcoin is quite similar, except for Chainlink. LINK surged by 13% and trades above $26.

Bitcoin Sits Still at $42K

It’s safe to say that the past few days didn’t go well for the primary cryptocurrency. On January 5th, it traded at $47,000 after failing to overcome $48,000 despite numerous attempts.

This is where the landscape changed rapidly for the worse. Bitcoin started to lose value vigorously and dropped by $4,000 in hours, as reported on Thursday. BTC stayed there for a while, but another initiative from the bears drove it to $41,000 yesterday.

This became its lowest price point since late September. After that, BTC fluctuated a bit more, leading to $500 million worth of liquidations on a 24-hour scale.

As of now, the asset has recovered some ground and stands around $42,000, and its market capitalization is just shy of $800 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Chainlink Steals the Show

The alternative coins mimicked bitcoin’s performance in the past few days with enhanced volatility and substantial price drops. Ethereum, for example, traded above $3,800 just a few days ago but dipped to $3,100 yesterday. The second-largest crypto now sits above $3,200 after a minor daily increase.

More minor gains come from Binance Coin, Cardano, Polkadot, Avalanche, Dogecoin, Shiba Inu, MATIC, and others. XRP has increased by 2.5%, while Solana is up by 4%, despite the recent network issues.

Nevertheless, Chainlink is the most impressive performer. A 13% increase has driven LINK to well above $26. Moreover, the asset is among the few in the green on a weekly scale, as it has increased by 35% in this timeframe.

ICP (15%), Dash (13%), Secret (10%), Zcash (10%), and Celo (9%) have also recorded impressive daily gains.

The cryptocurrency market capitalization is down by $250 billion in the past few days and sits around $2 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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