Crypto enthusiasts experienced a surprising turn of events on Thursday as the cryptocurrency market moved in varied directions. The day saw a tumultuous shift for the big guns where Bitcoin and Ethereum faced a downward slide, with BTC’s price revisiting the formerly seen lower threshold of a month-long trading range.
It seems as if Bitcoin has been dancing with the $29,500 level, bouncing back and forth only to land near $31,809. Despite its enticing unpredictability, Bitcoin’s price dipped as low as $29,593 during afternoon trading. Following suit, an unsettling tremble was felt in the Ethereum market as ETH descended below $1,900, representing a 1% drop in the last 24 hours.
Ripple’s XRP too, had its moment of decline. Not so long ago, this digital player was making headlines, doubling its price to 93 cents after a partial court victory against the U.S. Securities And Exchange Commission. The boon faded though, with a 6% drop in the last 24 hours, but still maintaining the commendable price range of 79 cents.
Despite the somber atmosphere, one digital protagonist, Chainlink’s LINK, basked in glory, being the only token to make substantial gains among the 40 largest digital assets. This beacon of hope surged 15%, valiantly crossing the $8 threshold for the first time in nearly three months. The unexpected boost came when large investors acquired $6 million of tokens after Chainlink unveiled an interoperability protocol designed to improve communication between blockchains and banks.
Coincidentally, the crypto market’s downturn coincided with a sell-off in tech stocks. The NASDAQ 100 index witnessed a 2% decline following disappointing quarterly earnings reportings by tech giants like Tesla and Netflix, compelling investors to let go of their stakes by up to 9%. With cryptocurrency prices often reflecting changes in risk assets such as the tech-inclined NDQ, the two market’s synchronized performance does highlight a suggestive, if somewhat shaky, connection.
As Brett Sifling, a director at the investment firm Gerber Kawasaki Wealth & Investment Management puts it, it might have been just another “risk-off day” inspiring investors to take profits and rebalance after an exhilarating run for weeks in the crypto market. To the careful observer, the juxtaposition of LINK’s rally amid market-wide sluggishness may hint at the evolving dynamics and potential shifts within the crypto sphere.
Source: Coindesk
