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Bitcoin fell again yesterday to a new monthly low below $40,500, but it responded well and fell above $42,000 a few hours later.
Altcoins continue to be quite slow, with little to no movement, with the exception of LINK, which jumped around 5%.
BTC declines
The leading cryptocurrency has had two completely different weeks. Last week, it surpassed $49,000 on the day 11 spot BTC ETFs hit US markets and sold out by more than three thousand dollars later. The situation worsened late Friday. Overall, BTC lost over $7,000 in about 36 hours in what turned out to be a news sell-off event.
After recovering ground and reaching $43,000 over the weekend, the asset calmed down and traded sideways for almost a week. However, another price drop occurred yesterday when Bitcoin fell below $41,000 and then to $40,400 (on Bitstamp) for the first time in over a month.
It managed to rebound and even briefly exceeded $42,000, but the general negative sentiment kept the pressure on and BTC fell back to $41,500, where it also currently stands.
Its market capitalization is just over $810 billion and its alt dominance is still less than 50%.
LINK defies market sentiment
Chainlink is among the few notable gainers among larger-cap alts on a daily scale. LINK jumped over 5% and is trading above $16. Cardano's native token follows suit with a 3% surge that pushed the asset above $0.5. Uniswap and Litecoin are also well in the green, followed by Dogecoin, Tron and Binance Coin.
In contrast, Avalanche is down 4% to $32, Solana is down 3% and is on the verge of falling below $90, and MATIC has lost 3% of its value and fallen to $0.76 .
Other losses come from ARB, LDO, OP, INJ and NEAR. The total crypto market cap decreased by around $10 billion overnight, but still sits above $1.6 trillion on CMC.
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