After The Volatile Week, Bitcoin Reaches $42K, LINK Explodes By 13%

After the volatile week, bitcoin slowly reaches $42,000 and the rest of the altcoins are dipping their toes into the green while LINK went on a tear and ended up with a double-digit surge of 13% so let’s take a closer look at today’s altcoin news.

After the volatile week, Bitcoin finally stabilized around $42,000 and the situation with the rest of the altcoins is quite similar except for Chainlink which surged by 13% and now trades above $26. It’s safe to say that the past few days didn’t go too well for the main cryptocurrency. BTC traded at $47,000 after failing to overcome the $48,000 and dropping to $41,000. At this exact level is where the landscape changed dramatically. BTC started to lose the value vigorously and dropped by $4000 and BTC stayed there for a while but a new initaitive from the bears drove it to $41,000. this is the lowest price point since September and after that Bitcoin fluctuated more which led to $500 million worth of liquidations on a 24-hour scale.

As of now, the asset recovered some ground and stands around $42,000 with a market cap of just over $800 billion. The alternative coins mimicked Bitcoin’s performance over the past few days with enhanced volatility and substantial price drops like Ethereum for example that traded above $3800 a few days ago but then dropped to $3100.the second biggest crypto sits above $3200 after a smaller daily increase. More minor gains came from Cardano, Binance Coin, Polkadot, Dogecoin, Avalanche, Shiba Inu, and MATIC. XRP increased by 2.5% and SOL increased by 4% despite the many network issues that it had over the past two weeks.

Chainlink is the biggest performer of the day with a 13% increase that drove LINK to above $26 as LINK went on a tear. the asset is among the few in the green on the weekly scales and increased by 35% in the timeframe. Dash increased by 13%, ICP by 15%, Zcash 10%, CELO 9%. the crypto market cap is down by $250 billion in the past few days and sits at $2 trillion.

As we reported yesterday, Bitcoin is still not out of the woods as the asset crashed to $41,000 hours ago. Most altcoins followed a similar pattern with a few exceptions like ATOM which increased 16% in one day. The reports show that the substantial market crash where the main cryptocurrency crashed by double-digit percentages from $47,000 to below $43,000, it still ongoing.