Market Watch: Chainlink (LINK) Soars 9%, Bitcoin’s Sideways Action Continues

Bitcoin is still unable to produce any significant gains and fell below $47,000 once again. Its dominance continues to decrease, while some smaller and mid-cap altcoins outperform it. In the past 24 hours, such is the case with Chainlink, which spiked by nearly 10%.

Bitcoin Failed at $47K

It’s safe to say that BTC has not produced any of its enhanced volatility lately that it’s so often criticized for. The last more notable fluctuation came on December 31st when it pumped suddenly from $47,000 to $48,500 but retraced even more vigorously to $45,800 in hours.

The asset started the new year on a more positive note and jumped back to $47,000, where it spent the next few days. Yesterday, it dropped below $46,000 once more before the bulls stepped up and pushed it to $47,500.

Yet, the cryptocurrency failed at that level and found itself sitting at $45,800 hours later. As of now, it has jumped to nearly $47,000, but its market capitalization is still below $900 billion.

Moreover, BTC’s dominance over the altcoins continues to fade away, and it has declined below 40% on CoinMarketCap.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LINK Takes Over

Most larger-cap altcoins have been equally calm lately. The past 24 hours are no different. Ethereum has dabbled with $3,800 for several days and now trades just above it after a minor 1.5% daily increase.

Binance Coin, Solana, Cardano, Ripple, and Polkadot are slightly in the green as well, while Terra, Avalanche, and Dogecoin have charted minor losses.

Chainlink is the most significant gainer from here. LINK has surged by 9% in a day and sits north of $25.

More increases come from ICP (24%), Mina (16%), BitTorrent (15%), Velas (14%), Immutable X (11%), Helium (11%), and The Graph (10%).

The cryptocurrency market capitalization has risen slightly to $2.250 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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