Markets
LINK Explodes 18% Daily, BTC Holds $66,000 as Bitcoin ETF Flows Continue (Market Watch)
Bitcoin price hit a multi-week high yesterday at around $66,600 before being pushed down by around $1,000, but has now reclaimed the $66,000 level.
Several altcoins continued their recent rally, with LINK taking center stage after a massive 18% increase.
BTC returns to $66,000
The leading cryptocurrency had a rough end to the previous business week when it was pulled back just inches above $60,000. Instead of falling below this coveted milestone, the asset rebounded over the weekend and especially on Monday.
The bulls launched an impressive advance at the start of the current week, which propelled bitcoin to just over $63,000. It failed at first, dropping to $61,200 amid a few Issues with Coinbasebut returned to the offensive on Wednesday after the United States announcement CPI figures for April.
As Bitcoin Spot ETF Flows In continued to increase on Wednesday and Thursday, the price of BTC climbed to three week summit just over $66,500. The asset pulled back slightly last night, but is now back above $66,000 amid the fourth consecutive day of positive flows into these ETFs.
Its market cap remains just over $1.3 trillion, but its dominance over alts has taken a hit and is down to 51.7%.
Bitcoin/Price/Chart 05/17/2024. Source: TradingView
LINK Skyrockets
Most alt coins turned green yesterday, similarly to bitcoin. While some, like BNB, DOGE, TON, TRX and SHIB, are now slightly in the red, most others have continued to climb.
Ethereum and Ripple are up 0.5-1%, which has helped the former maintain $3,000 and the latter at $0.5. Other gains come from SOL, ADA, AVAX, DOT, BCH, HBAR and ICP.
However, Chainlink has stolen the spotlight from larger-cap alternative companies. LINK has climbed over 18% over the past day and is now trading above $16.
The total crypto market cap has remained relatively stable on a daily scale, at just over $2.5 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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