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

After Volatile Week BTC at $42K, LINK Explodes 13%
Written by publisher team

After the boosted volatility of the past several days, bitcoin has finally calmed down around $42,000. The situation with altcoins is quite similar, with the exception of Chainlink. LINK is up 13% and trading above $26.

Bitcoin price remains at $42,000

It is safe to say that the past few days have not gone well for the core cryptocurrency. On January 5th, it traded at $47,000 after it failed to break above $48,000 despite numerous attempts.

This is where the landscape quickly changed for the worse. Bitcoin started losing value strongly and fell by $4,000 in hours, as reported Thursday. BTC stayed there for a while, but another initiative from the bears pushed it to $41,000 yesterday.

This became its lowest price since late September. After that, bitcoin fluctuated a bit more, resulting in $500 million liquidations over the course of 24 hours.

As of now, the asset has regained some ground and stands around $42,000, with a market capitalization of just over $800 billion.

BTCUSD. Source: TradingView

Chainlink steals the show

Altcoins mimic the performance of Bitcoin over the past few days with improved volatility and significant price drops. Ethereum, for example, traded above $3,800 a few days ago, but dropped to $3,100 yesterday. The second largest cryptocurrency is now above $3,200 after a slight daily increase.

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

However, Chainlink is the most impressive performer. A 13% increase drove LINK over $26. Furthermore, the asset is among the few that are in the green on a weekly scale, gaining 35% in this time frame.

ICP (15%), Dash (13%), Secret (10%), Zcash (10%) and Silo (9%) also posted impressive daily gains.

The market capitalization of cryptocurrencies has fallen by $250 billion in the past few days and is now around $2 trillion.

An overview of the cryptocurrency market.  Source: Quantify Crypto
An overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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