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Sunday, July 14, 2024

Bitcoin Defends $41K Level, Chainlink Gains 5% Daily (Weekend Watch)

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Bitcoin dumped once more yesterday to a new monthly low of under $40,500, but it reacted well and dumped above $42,000 hours later.

The altcoins continue to be quite sluggish, with little to no movements, aside from LINK, which has jumped by around 5%.

BTC’s Declines

The primary cryptocurrency had two completely different weeks. Last week, it soared past $49,000 on the day that 11 spot BTC ETFs reached the US markets and dumped by more than three grand later. The landscape worsened as Friday was coming to an end. Overall, BTC had lost over $7,000 in about 36 hours in what turned out to be a sell-the-news event.

After recovering some ground and reaching $43,000 during the weekend, the asset calmed and traded sideways for almost a week. However, another price decline occurred yesterday when Bitcoin dropped below $41,000 and then to $40,400 (on Bitstamp) for the first time in over a month.

It managed to bounce off and even soared past $42,000 briefly, but the overall negative sentiment kept the pressure on, and BTC dropped back down to $41,500, where it stands now as well.

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Its market capitalization stands inches above $810 billion, and its dominance over the alts is still below 50%.

BTCUSD. Source: TradingView

LINK Defies Market Sentiment

Chainlink is among the few notable gainers from the larger-cap alts on a daily scale. LINK has jumped by more than 5% and trades above $16. Cardano’s native token follows suit with a 3% increase that has pushed the asset to over $0.5. Uniswap and Litecoin are also well in the green, followed by Dogecoin, Tron, and Binance Coin.

In contrast, Avalanche has retraced by 4% to $32, Solana is down by 3% and is close to breaking below $90, and MATIC has shed 3% of value and is down to $0.76.

Further losses come from the likes of ARB, LDO, OP, INJ, and NEAR. The total crypto market cap has declined by about $10 billion overnight but still stands inches above $1.6 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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