The cryptocurrency market has regained stride with bitcoin leading the bandwagon while other altcoins are demonstrating solid gains as well.
On Thursday, the crypto market corrected downwards with bitcoin trading as low as $10,383 and other coins recorded major losses as well. However, bitcoin is slowly bouncing back and is trading at $12,051.27 at press time and other altcoins are following suit amid expanding volatility.
Top Two Altcoins Price Overview
Ethereum (ETH) touched $339.0 on Wednesday, June, 26 before experiencing a pull-back on Thursday, June 27. The second largest coin by market cap is recovering from intraday lows and is sitting comfortably above $300. A continued bitcoin rally will give ethereum the momentum to continue rising in tandem.
Ripple’s XRP is currently trading at $0.4184 after seeing a 1.41% 24-hr gains. On Thursday, the third largest digital coin retraced to $0.39 from a $0.45 high and as of now, the coin is still striving to strike a stable price recovery.
The Biggest Market Mover
Chainlink (LINK) is now the 17th largest coin by market capitalization and is ultimately the best performing cryptocurrency so far. At press time, LINK is trading at $3.51 with 56.45% gains in recent 24 hours.
The total market cap of the coin is at $1,229,363,391. According to a blog post on June 26, Coinbase Pro announced it has added support for Chainlink. Coinbase listed two trading pairs, LINK/USD and LINK/ETHER and the LINK/ETHER pair is already in motion according to a twitter post.
The Bottom Line
Generally, analysts express that the recent pull-back in the crypto market is in line with a bull run and is healthy. Notable crypto trader and investor Josh Rager remarked on Twitter, “At this point in time, I consider bitcoin extremely bullish.” He went on to note that most people are expecting a 30% pullback before continuing up which might not be the case this time around, ”18% pullback might be the new 30% pullback we’re expecting.”
The uptrend witnessed after the Thursday correction could be a sign that this price rally will continue in the long-term even though the market volatility makes it quite difficult to predict the direction the crypto market will take. Also, it is evident that bitcoin bulls are back with guns blazing and the price rally will be off the charts in the near future.