Bitcoin failed to reclaim the $27,000 level yesterday and is currently around $26,500. Altcoins are faring no better, with most of the large-caps experiencing minor losses. Chainlink is the only altcoin that has had a significant price increase amidst this recession in the market.
Bitcoin returned to $26.5 thousand
It was expected to be less volatile, except for a brief spike on Saturday last week that sent Bitcoin to a multi-day peak of $26,400. Unable to continue upwards, BTC retreated to $26,000 and spent the rest of the weekend there.
Monday didn't start very well either, but it ended this way. Bitcoin attacked and broke above $27,000 for the first time in weeks. It started to decline shortly thereafter, but the bulls kept the pressure on and pushed the cryptocurrency to a new 20-day high of $27,500 on Tuesday.
The next few days were quite calm, and BTC maintained $27,000 even after the US Federal Reserve's decision to stop raising interest rates. However, Bitcoin's momentum disappeared on Friday and fell to $26,400.
At the end of the day, it tried to make a jump but failed and it currently stands at $26,500. While its market cap sits south of $520 billion, its dominance over altcoins is still just inches above 49 percent.
While LINK is rising, these altcoins are experiencing losses
Most altcoins are also calmer on a daily scale. On the one hand, ETH, BNB, DOGE, ADA, DOT, MATIC and LTC showed minor losses, while on the other hand, XRP, TRX, TON and SHIB remained slightly green and maintained their value.
Solana retreated the most among large-cap altcoins, losing over 1 percent. As a result, SOL is struggling just below $20. In comparison, Chainlink's native token is up nearly 5 percent and trading above $7. THETA was the other major gainer in the top 100 altcoins, with an increase of 8 percent.
But overall the total crypto market cap remained relatively stable at just over $1.060 trillion at CMC.