Chainlink (LINK) Defies Market Sentiment, Bitcoin (BTC) Stalls at $26.5K (Weekend Watch)

Bitcoin failed to recapture the $27,000 mark yesterday and is currently sitting at around $26,500.

Altcoins are not doing any better, with most larger coins suffering slight losses. Chainlink is the only company with a significant price increase.

BTC back at $26.5k

Last week was, as expected, less volatile, aside from a brief spike on Saturday that pushed Bitcoin to a then multi-day high of $26,400. After failing to continue the rise, BTC fell back to $26,000 and stayed there for the rest of the weekend.

Monday didn’t exactly start well, but it ended that way. Bitcoin went on the offensive and rose above $27,000 for the first time in weeks. The price collapsed shortly after, but bulls kept up the pressure, pushing the cryptocurrency to a new 20-day high of $27,500 on Tuesday.

The next few days were rather quiet, with BTC maintaining the $27,000 mark even after the US Federal Reserve decided to halt interest rate hikes. But on Friday, Bitcoin’s momentum faded and the price fell to $26,400.

At the end of the day it tried to recover but failed and is currently at $26,500. Its market cap is over $520 billion, while its dominance over altcoins is still just over 49%.

BTCUSD. Source: TradingView

LINK in green

Most altcoins are also quieter on a daily basis. On the one hand, ETH, BNB, DOGE, ADA, DOT, MATIC and LTC recorded slight losses, while on the other hand, XRP, TRX, TON and SHIB are slightly in the green.

Solana has retreated the most among the larger cap altcoins, losing over 1%. As a result, SOL is struggling at just under $20.

In contrast, Chainlink’s native token is up about 5% and trading above $7. THETA is the other notable winner among the top 100 alternatives, up 8%.

Overall, however, the total crypto market capitalization at CMC has remained relatively stable at just over $1.060 trillion.

Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.

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