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Chainlink Down by 5% as Altcoins Collectively See Massive Decline

Sat, 10/15/2022 - 03:55
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Wahid Pessarlay
Chainlink imitates the broader altcoin market and dips 5% into the weekend
Chainlink Down by 5% as Altcoins Collectively See Massive Decline
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According to data from CoinMarketCap, Chainlink (LINK) has recorded a 5% drop in price, bringing the altcoin’s 7-days consecutive losses to 10%, at the time of writing. 

Analysis from Santiment also notes that, interestingly, traders were still paying attention to the asset before the dip. 

“Three social dominance spikes appeared for LINK, indicating traders were making moves. The latest occurred just as the price began rising again.” Santiment explained in a tweet.

The downswing in the assets’ price has caused it to fall even further away from its October high of $7.92. 

Broader altcoin market continues in a bloodbath 

In August, CoinMarketCap also showed that Link was towering $9, causing analysts to speculate a possible $10 price break. However, Link continued to sustain a continuous decline in trading volume, leading it to its current levels. 

Similarly, other leading altcoins have seen a notable drop in price since the start of this week and had closed off the week in losses. Cardano (ADA) and Solana (SOL) are two of the highest losers, according to CoinMarketCap, while Ethereum (ETH) and Ripple (XRP) have only sustained mild daily losses.

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About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.