Bitcoin is still unable to produce significant gains and has once again fallen below $ 47,000. Its dominance continues to decline, while some small and mid-cap altcoins outperform it. In the past 24 hours, that is the case with Chainlink, which has climbed almost 10%.
Bitcoin failed at $ 47,000
It’s safe to say that BTC hasn’t produced any of its heightened volatility in recent times for which it is so often criticized. The last more noticeable fluctuation occurred on December 31st when it suddenly jumped from $ 47,000 to $ 48,500, but fell even more vigorously to $ 45,800 in hours.
The asset started the new year on a more positive note and climbed back to $ 47,000, where it spent the following days. Yesterday it fell below $ 46,000 again before the bulls stepped up and pushed it to $ 47,500.
Yet the cryptocurrency failed at this level and ended up at $ 45,800 later. Right now, it has jumped to almost $ 47,000, but its market cap is still less than $ 900 billion.
Additionally, BTC’s dominance over altcoins continues to wane and has fallen below 40% on CoinMarketCap.
LINK takes over
Most of the larger cap altcoins have been just as quiet lately. The past 24 hours are no different. Ethereum hit $ 3,800 for several days and is now trading just above after a slight daily increase of 1.5%.
Binance Coin, Solana, Cardano, Ripple and Polkadot are also slightly in the green, while Terra, Avalanche and Dogecoin posted minor losses.
Chainlink is the biggest winner here. LINK jumped 9% in one day and is located north of $ 25.
Other increases come from ICP (24%), Mina (16%), BitTorrent (15%), Velas (14%), Immutable X (11%), Helium (11%) and The Graph (10%).
The cryptocurrency’s market cap edged up to $ 2.2 trillion.
$ 100 Free on Binance (Exclusive): Use this link to sign up and receive $ 100 Free and 10% Fee Discount on Binance Futures in the first month (terms).
PrimeXBT Special Offer: Use this link to sign up and enter the code POTATO50 to get 25% off trading fees.
Disclaimer: The information found on CryptoPotato is that of the cited authors. It does not represent the views of CryptoPotato on whether to buy, sell or hold investments. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency Charts by TradingView.