Altcoins are Gaining: Chainlink Surpasses $7 as LUNC Rises 440% in a Month
Bitcoin’s price continues to fall on consecutive days. It has lost its support in the $20,000 region. There is no sign of a reversal, and its trading activities are below its 20-day moving average. The events and activities in the cryptocurrency market during August have not been encouraging. Prices of various major cryptocurrencies have continued to fall. That has affected the industry’s overall market cap, keeping it below the $1 trillion level.
Bitcoin Falls Below $20K
The price of Bitcoin briefly rose during the trading hours of August 26. It bounced back from its lows and hovered around the $22,000 region. However, its gains were short-lived as the bears emerged following the Fed meeting.
Bitcoin hit the $20,000 mark at the beginning of August. That was due to the loss of almost $2,000 in value. It was very hard for the company to maintain its new high of $20K, and the ground was unbearable. By August, the price of Bitcoin had already reached the $20,000 region. Despite all odds, it is still expected to trade around this level by the end of the year.
The price of Bitcoin has dropped below the $20,000 mark after a southern pull. The main reason why this happened is due to the lack of trading volume and extreme volatility. Also, since there has been a lack of recorded transactions on the network, trading transactions have significantly decreased.
The market cap of Bitcoin has dropped below $380 billion due to the various activities in cryptocurrency. It has also lost its dominance over altcoins. Despite the recent price decline, Bitcoin is still expected to move higher due to the slight gains it has experienced.
LUNC Price Records 440% Profit in 30 Days
The LUNC price has been on a massive bull run since it emerged from the crypto underworld. Due to its nature, it has been criticized for losing over 99% of its value in just one year.
According to Coingecko, LUNC price has gained 23% in the last 24 hours and 140% in the past week. However, is this price sustainable? Data from the platform shows that over 400% of the profits were made in two weeks.
The funding rates in the derivatives sector have started to decline as the LUNC price continues to rise. This metric shows the number of traders taking long positions and the percentage of the profits they are receiving.
If the funding rates are negative, most participants are shorting the price immediately, while those long are betting it will crash. However, when the rates are positive, most investors are long when the price goes up.
Notably, the number of short positions in the LUNC price has increased due to the bullish momentum of the cryptocurrency. If the price continues to rise, these positions could be destroyed.
Open Interest in the LUNC/USDT market has increased significantly in the past 12 hours. According to data from the OI Bot, the cryptocurrency experienced a spike in this metric, with positions taking millions of dollars in just a couple of minutes.
Altcoins Gaining Momentum With LINK at the Lead
The performance of altcoins over the past 24 hours shows slight stability. They had suffered from the negative sentiment generated by the recent bear market. After dropping to around $1,500, Ethereum experienced a spike in value. It is currently trading at around $1620, more than its previous high.
The performance of the native token of Chainlink, on the other hand, has been positive. It gained around 4% in value during the past 24 hours and is trading around the $7 region. Some other prominent crypto assets expected to perform well in the coming days include Solana, Shiba Inu, and LTC.
