Explosion of altcoins, Chainlink reaches a new record above $ 24.5 and reduces bitcoin’s dominance over the market to 64%.
After a few consecutive days of falling prices, bitcoin recovered some value and jumped to around $ 33,000. However, most altcoins outperformed their leader with massive gains and reduced BTC’s dominance over the market to 64%.
New ATH for LINK
The past few days have been quite harmful for altcoins, as the accumulated market capitalization lost about $ 200 billion to less than $ 900 billion.
However, most alts have recovered strongly in the past 24 hours with impressive gains.
Ethereum rose 8.5% to above $ 1,270. Ripple added 4% of the value and approached $ 0.28. Bitcoin Cash (4%), Binance Coin (4.6%) and Litecoin (2.5%) are also well on the green.
Cardano and Polkadot increased about 10% to $ 0.35 and $ 18, respectively.
However, Chainlink has the best performance in the top ten, with an increase of 20%. Thus, LINK surpassed its previous ATH scheduled earlier this month. As of now, LINK’s new price records are over $ 24 (at Bitstamp).
Further gains are evident with medium and low capitalization altcoins. Decentraland leads with a 42% increase to $ 0.20. Curve DAO Token (30%), Basic Attention Token (23%), NXM (23%), The Graph (22%), THORChain (20%), Market (19%), Tezos (16%) and NEAR Protocol ( 16%) follow.
BTC recovers some value, but loses dominance
The primary cryptocurrency was also losing value as it did not exceed $ 38,000 earlier this week. In addition, bitcoin has dropped to less than $ 30,000 for the first time since the first week of January.
Some of the price losses could be explained with the FUD that came about after false reports that there was a double spending on the Bitcoin network. However, these rumors were unmasked by some of the most prominent names in the industry.
As such, the asset has managed to recover some ground in the past 24 hours and has reached a high of almost $ 34,000. Since then, BTC has moved back slightly and is currently trading just under $ 33,000.
The soaring altcoins, however, have reduced bitcoin’s dominance over the market. The metric that compares BTC’s market capitalization with all alternative currencies has dropped to 64%. That means a 6% decline in about a week.