BTC $41562.12 (-4.3%)
ETH $2827.54 (-7.2%)
USDT $1.00 (-0.0%)
BCH $499.43 (-6.5%)
BSV $133.18 (-7.1%)
LTC $146.86 (-6.8%)
BNB $346.27 (-6.3%)
ADA $2.28 (4.62%)
DOGE $0.20 (-6.5%)
BTC $41562.12 (-4.3%)
ETH $2827.54 (-7.2%)
USDT $1.00 (-0.0%)
BCH $499.43 (-6.5%)
BSV $133.18 (-7.1%)
LTC $146.86 (-6.8%)
BNB $346.27 (-6.3%)
ADA $2.28 (4.62%)
DOGE $0.20 (-6.5%)

Altcoins Show Double-Digit Returns Amid BTC Price Drop

Altcoins Show Double-Digit Returns Amid BTC Price Drop
  • Chainlink (LINK), Polkadot (DOT), and Tezos (XTZ) recorded high double-digit gains in the last 24 hours.
  • Moreover, LINK sets a new all-time high price of $24.30.

Chainlink (LINK) posted high returns and is currently trading at $24.03. Meanwhile, Polkadot (DOT) has seen a 7.09% surge to a 24-high of $18.28. Tezos (XTZ) also rallied by 15% to $3.36.

Polkadot’s DOT token has rallied sharply to become the fourth-largest cryptocurrency by market capitalization. On the other hand, Chainlink’s LINK set a new all-time high price of $24.30. The previous lifetime high of $19.90 was reached in August 2020.

Source: Coingecko

While Bitcoin (BTC) has been playing a major role in making the crypto market a trillion-dollar industry, altcoins are also aiding this growth. In pushing these figures up, altcoins have been aiding this growth.

Surge in DeFi Market’s Capitalization

Specifically, the breakout is attributed to the growing popularity of decentralized finance (DeFi) projects. Furthermore, the market capitalization of DeFi projects has increased five-fold over 2020. Currently, it’s standing above $24 billion.

DeFi Pulse
Source: DeFi Pulse

Thus, investors and traders seem to be taking a closer look at altcoins, particularly those from the decentralized finance (DeFi) sector. More so, the overall cryptocurrency market cap now stands at $949.8 billion and Bitcoin’s dominance rate is 64.4%.

BTC Rises Above $30,000

On the other hand, BTC found a new wave of support, including a $10 million ‘buy the dip’ moment from MicroStrategy. Hence, the crypto has gained by 4.92%. As a result, BTC value managed to rise above $30,000, settling at $33,012.10 at the time of writing.

By and large, the cryptocurrency recently hit a new all-time high of $41,950. However, the BTC price dropped below $29,000, causing FUD within the community.

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A devoted news specialist who is passionate about the blockchain and crypto industry. She writes news and feature articles based on the latest developments in the market. She is always updated and on the go.