Bitcoin has finally started to correct after a 25% rally in about two weeks. Altcoins are responding in kind, plummeting against the US dollar and against Bitcoin.
One of the worst performing digital assets of the past 24 hours is Chainlink (LINK). The top altcoin, currently the fifth largest cryptocurrency asset by market capitalization, is down 10 percent against the US dollar over the past 24 hours.
livetechit market data shows that, for context, Bitcoin is down only 3% in the past day while Ethereum is down 5%.
Chainlink (LINK) is down 10% over the past 24 hours despite positive developments
Chainlink’s 10% decline in the past day and a 13% drop in the past seven days despite the underlying positive developments for the project.
Santiment, a blockchain analytics firm, report on November 2 that the amount of activity taking place on Chainlink’s public Github repository had a clear uptrend despite inconsistent price action:
According to the #github data we track, $ LINK development activity is on the rise. In general, when projects have an increase in their team’s true developers. Ranking like #Chainlink has, which is a positive sign for asset sustainability and longevity.
Additionally, Chainlink recently announced a series of partnerships.
A new DeFi liquidation protocol, B.Protocol, both incorporates the rules of Chainlink, as well as a multifaceted DeFi protocol called Balance.
Bybit has also recently bypassed the oracle protocol. As the store reported, Leading Exchanges that integrate Chainlink Price Reference Data have access to additional price data and indices in addition to Bybit’s internal metrics.
The altcoin carnage is not over yet
The massacre on the altcoin market may not be over yet, despite any fundamental development towards individual crypto assets. That means LINK could continue to decline, at least relative to Bitcoin.
Su Zhu, CIO and CEO of Three Arrows Capital, recently to speak that Bitcoin is rising as fast as recent weeks is clearly bearish for altcoins.
“$ BTC Rapid uptrend is not only an increase in the price of other stocks, but also a bearish trend. The reasons for this are innumerable, but draw out the fact that money is a coordinated game and Bitcoin is the schema point; this doesn’t depend on how you feel about it, the community is literally irrelevant. ”
The problem is, if Bitcoin does retreat, that is particularly bearish for altcoins. During market corrections, investors exit altcoins to switch to stablecoins or Bitcoin because they find those assets relatively stable and secure. We saw this in September, when BTC dropped 20% while the top DeFi coins were down more than 50% from their summer highs.
Whether Bitcoin explodes higher or collapses from here, altcoins appear poised for further correction.
Chainlink, currently ranked 6th by market cap, is declining 5.95% in the last 24 hours. LINK has a market cap of $ 4.1 billion with a 24-hour volume of $ 1.73 billion.
Chainlink price chart
LINKUSD chart according to TradingView
Like what you see? Sign up for daily updates.