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LINK Hits ATH After 25% Surge While Bitcoin Recovers $5000

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LINK hits ATH today with a 25% surge as BTC recovered $5000 and its market dominance reduced to 64% so let’s take a closer look at the chainlink price news today.

After a few consecutive days of price drops, BTC regained value and jumped to about $33,000 but most alternative coins outperformed their leader with some strong gains and reduced its dominance on the market to 64%. The past few days were quite harmful to other altcoins as the cumulative market capitalization lost about $200 billion to below $900 billion. However, most of the altcoins bounced back in the past 24hours with some strong gains.

Cryptocurrency Heatmap. Source Quantify Crypto

Ethereum surged by 8.5% to $1270, Ripple increased by 4% and neared $0.28, Binance Coin increased by 4.6% while Bitcoin Cash increased by 4%. Litecoin is also in the green as it increased by 2.5%. Cardano and Polkadot increased by 10% to $0.35 and $18. However, Chainlink is the best performer on the market with a surge of 20%. LINK hits ATH and as of now, the price records stand above $24. More gains were evident from mid-cap altcoins like Decentraland which increased 42%, Curve DAO increased by 30%, Basic Attention Token by 23%, The Graph by 22%, and Tezos by 16%.

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BTCUSD. Source TradingView

The main cryptocurrency was also slipping in value since it didn’t breach above $38,000 earlier this week so BTC even dropped below $30,000 for the first time since January. Some of the price losses could be explained with the FUD that emerged from the reports that there was double spending on the BTC network but these rumors were later debunked. The asset managed to reclaim ground in the past 24 hours and reached a new high of $34,000. BTC retraced slightly and now trades below $33,000. The increase in the price of altcoins reduced bitcoin’s dominance over the market and the metric comparing the BTC market cap with the alternative coins dropped to 64%. This marks a drop of 6% on a weekly basis.

As recently reported, The major move up means that chainlink gained about 37% over the past week and 65% over the past 30 days. The community under the name “Link Marines” is extremely bullish and even predicted that LINK will hit a top-three position by the end of March. In order for this to happen, LINK has to flip a few more assets and increase its market cap by over $15 billion. It looks impossible but in the crypto space, everything is possible. LINK has to flip Litecoin as it is just $300K behind in terms of a market cap according to CoinGecko. 

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