As of now, almost the entire cryptocurrency market has cooled down except a few digital currencies which saw their price values soaring to new highs. The current behaviour of the crypto market is not the same as it was in the beginning days of the current year or in the month of December in 2020. The most particular reason that seems to be behind this is the fall of the world’s top cryptocurrency Bitcoin from its bull cycle. Following the flagship cryptocurrency’s footsteps, the rest of the market has also cooled down.
The cryptocurrency market might be able to bring its highly bullish momentum back into action this week, which is just starting now. The role of the pioneering cryptocurrency will be important as it historically drives the whole cryptocurrency market with its glorious price rally. However, there are two other cryptocurrencies that should be watched this week along with the leading digital currency. These are Ethereum (ETH) and Chainlink (LINK).
The previous week has not been good for the largest cryptocurrency in the world in terms of market cap as it could not recover to its all-time high value. On the contrary, it further got down in terms of price value. It suffered a price drop because of a massive sell-off caused by the BTC miners of the renowned Chinese mining pool F2Pool. This price crash brought the value of the coin down to the $28,000 range.
For records, it was the worst daily price crash for Bitcoin. However, it has recovered its value to much extent so far. But it is unable to move forward as it is still far away from reclaiming its all-time high value which stands at $41,941, as per the data from CoinMarketCap. At the press time, the BTC price is standing at $31,900.
The price-performance of Ether (ETH), the native cryptocurrency of the world’s second-largest blockchain network Ethereum, has comparatively been better over the past week as it showed a 20 percent weekly rise against Bitcoin.
It is currently trading in a great momentum as the price value of ETH is trading up by more than 8 percent in the last 24 hours while holding at around $1357, at the time of writing. It will be significant to watch ETH’s price behaviour as it may go for retesting its all-time high value this week.
Chainlink is one of those cryptocurrencies which might put a remarkable price rally this week. It has already set a fresh all-time high value on the 23rd of January by skyrocketing above the figure of $25. Meanwhile its price rally, LINK also overtook Litecoin to become the 7th largest digital currency by market value.
It is now gearing up for another bullish rally as it aims to achieve the $30 target in the short-term case scenario. At the press time, the price of LINK is holding at around $24.40.