LINK is among the few exceptions today, showing gains in the green.
Bitcoin’s price suffered a setback in the last 24 hours, dropping to an 18-day low of $29,650. Additionally, most altcoins are in the red, and Ethereum (ETH) is approaching the $1,900 level. Among the larger caps, SOL experienced the most significant decline.
BTC Dips Below $30K
Bitcoin experienced a roller-coaster ride last week, surging from just over $30,000 to $31,800, marking its highest price in over a year, after Ripple’s court win against the SEC. However, it quickly reversed, dropping back to $30,000 the next day. Eventually, the bulls made a partial recovery over the weekend, gaining a few hundred dollars.
This past weekend and Monday were uneventful for BTC, as it remained stuck around $30,300. However, during the early trading hours of Tuesday, Bitcoin finally made a move.
BTC’s recent move was not positive, as it slumped to $29,650 on Bitstamp, the lowest since June 30. Although it has recovered most losses, it remains uncertain above $30,000. The market cap dropped to under $585 billion, and its dominance over alts slightly increased to 48.6%.
BTCUSD. Source: TradingView
LINK Bucks Market Trend
During the weekend, most altcoins remained calm, but the current landscape is slightly more challenging. Ethereum is on the verge of falling below $1,900 after a 1.4% daily decline. Ripple and Binance Coin, which switched positions last week, are down by 0.5% to $0.74 and $242, respectively.
Cardano, Dogecoin, Polkadot, Polygon, Avalanche, and Litecoin have experienced declines ranging from 2% to 4% in a day. However, Solana (SOL) has suffered the most significant loss among the larger-cap altcoins, with a 6.5% decrease in value. As a result, SOL is currently struggling around the $25 mark.
Chainlink (LINK) stands out as the sole notable exception among the top 50 altcoins. After its cross-chain protocol went live, LINK surged by 6% and is currently trading above $7.
The total crypto market cap has dropped by more than $10 billion in a single day and is now hovering just above $1.2 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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