Continuing its downward trend with the high-rate losses it has recorded recently, Bitcoin regressed to the price levels of $ 41,000 and lost critical support levels. This decline in the leading cryptocurrency Bitcoin gave the market a downward momentum again. In this context, Ethereum started to trade at the price levels of $ 3,200 after the depreciation it experienced.
Downside Momentum Continues in Bitcoin
Despite the upward attack attempts on Wednesday, January 5, Bitcoin, which could not overcome the resistance of $ 48,000, accelerated its depreciation with the loss of the support of $ 45,000. Bitcoin lost thousands of dollars within hours on Thursday. This depreciation in Bitcoin continued up to $41,000 and large amounts of liquidations were recorded in a short time.
Chainlink Challenges the Market’s Downtrend
Most altcoins in the market recorded high rates of bearish movements in line with the depreciation of the leading cryptocurrency Bitcoin. For example, Ethereum dropped from $3,800 to $3,100 in just a few days. Although it traded at the price levels of $ 3,244 after the last price movements it recorded, Ethereum lost a lot of strength in the short term.
According to data from CoinGecko, most cryptocurrencies with high market caps have recorded low rate bullish movements in the last 24-hour timeframe. However, among these, Chainlink (LINK) stood out with its increase in value. Despite the bearish movements in Bitcoin, LINK continued to increase in value throughout the week and recorded an average of 33% upward movement in the 7-day time frame.
The information contained in this article does not constitute investment advice. Investors should know that cryptocurrencies carry risks due to their high volatility and should perform their transactions in line with their own research.