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Chainlink, Binance Coin, Verge lose momentum as Bitcoin dominance rises

Chayanika Deka

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Source: Pixabay

2020 started off quite well. But lately, the crypto-market has been experiencing a significant downtrend. While Bitcoin’s dominance in the market rose to 63.3% on 25 February, many of the market’s top altcoins suffered a decline after they took a plunge, pulling down the collective market cap to $274.5 billion.

Chainlink [LINK]

LINK started off on a positive note this year, breaching its previous high of $3.8 and entering a level unseen since June 2019.

While the LINK bulls did maintain their position for some time, LINK was trading close to its previously-surpassed resistance level after a drop of 26.57% over the past week. The 12th largest crypto by market cap, at press time, was valued at $3.73 and held a market cap of $1.30 billion. Additionally, it registered a trading volume of $364 million after taking a plunge of 8.8% over the last 24-hours.

Well-known crypto-analyst Josh Rager was one of many to comment on Chainlink’s movement this year,

“LINK Same as Tezos in price discovery. Can continue to pump but if it falls, LINK has limited support until under $3. I’d certainly start getting exposure by $2.84 and for some reason, if the price gets to $2.16, I’d buy more in that area.”

Source: LINK/USD on TradingView

Binance Coin [BNB]

Binance Coin [BNB] also recorded heavy losses this month. Failing to retain its previous bullish momentum, the coin depreciated by 7.23% over the last week.

At press time, the native token of Binance was trading at $20.98 after a drop of 7.23% over the last 24-hours. At press time, BNB’s market cap stood at $3.26 billion with a 24-hour trading volume of $350.2 million.

Binance Coin [BNB] recently got a boost from the U.S-based Bitcoin ATM operator CoinFlip which recently joined the Binance Chain ecosystem, after it was made available to U.S consumers in 35 states via 500 terminals

Source: BNB/USD on TradingView

Verge [XVG]

XVG had been recording positive momentum since the beginning of this year. Its bullish trendline can be traced back to 14 January, a movement that caused a massive spike. However, the bearish fever drove down the price of the coin to 22.03% over the week.

At press time, XVG was priced at $0.0041 with a market cap of $66.8 million. It fell by 8.65% over the last 24-hours and registered a volume of $1.60 million over the same time period.

However, founder of Currency Analytics, Sydney Ifergan, was one of many who still has some faith in the project. He had earlier tweeted,

“Verge [XVG] cryptocurrency has evolved to be much more than what it was actually meant to be. One of the serious cryptocurrency projects around. They are still growing.”

In yet another development for Verge, it recently added as one of the 8 new crypto-assets to Binance’s conversion function.

Source: XVG/USD on TradingView

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.

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