Market Watch: LINK and AXS Explode 10%, Bitcoin Maintains $38K

Bitcoin tried to take down $39,000 but was stopped and dropped to its current level of around $38,000. Most altcoins are slightly less fluctuating today, with Ethereum standing at $2,600. Chainlink and Axie Infinity are among the best performers.

Bitcoin Stands Still at $38K

It was just a few days ago when the primary cryptocurrency dropped two consecutive times to $35,500 after failing to overcome $36,000. However, the bulls stepped up at this point and pushed the asset north.

BTC reclaimed the aforementioned level and, after a brief retracement, went on the offensive again. This time, the increase was more gradual than sudden, and bitcoin tapped $38,000, as reported yesterday.

In the following hours, the asset kept climbing. As a result, it went to a daily high at nearly $39,000. However, it failed to break above that level and, as of now, has declined by several hundred dollars.

Nevertheless, its market capitalization has remained above $700 billion after dropping below that level earlier this week.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LINK and AXS Take the Lead

The alternative coins registered impressive gains yesterday, and most have calmed today. Ethereum continues with its recovery session as the second-largest crypto dipped to $2,000 earlier this week. Now, though, ETH stands above $2,600 after another minor daily increase.

Binance Coin and Terra have retraced slightly since yesterday, but Cardano, Ripple, Polkadot, Dogecoin, Avalanche, and Shiba Inu have tapped minor gains.

The most significant price increases from the larger-cap alts come from coins like Chainlink and Axie Infinity. Both assets have increased by around 10% in a day.

More gains come from lower- and mid-cap altcoins. Flow leads the way with a 20% surge, followed by Arweave (15%), Convex Finance (13%), Tezos (10%), Synthetix Network Token (9%), and Pocket Network (9%).

The cryptocurrency market cap has remained relatively still, and it stands above $1.7 trillion.

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


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Cryptocurrency charts by TradingView.


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Bitcoin (BTC) $ 44,028.80 0.37%
Ethereum (ETH) $ 2,356.98 1.09%
Litecoin (LTC) $ 78.35 1.13%
Bitcoin Cash (BCH) $ 252.66 1.98%