LINK Explodes 18% Daily, BTC Maintains $66K as Bitcoin ETF Inflows Continue (Market Watch)

Bitcoin reached a multi-week high yesterday at around $66,600 before being pushed down by around $1,000 but has recovered to the $66,000 level so far.

Several altcoins continued their recent rally, with LINK taking the main stage after a massive 18% rally.

BTC returns to $66,000

The underlying cryptocurrency had a tough end to the previous business week when it fell to just over $60,000. Instead of falling below this coveted approximate milestone, the asset bounced over the weekend and especially on Monday.

The bulls began an impressive rally at the beginning of this week pushing Bitcoin to just over $63,000. It initially failed there, falling to $61,200 amid some Coinbase issues, but was back on the offensive on Wednesday after the US reported April CPI numbers.

As spot inflows into Bitcoin ETFs continued to increase on Wednesday and Thursday, the price of Bitcoin rose to a three-week high of just over $66,500. The assets fell slightly yesterday evening but have jumped back above $66,000 so far amid the fourth straight day of positive flows into those ETFs.

Its market capitalization is still just above $1.3 trillion, but its dominance in altcoins has taken a hit and dropped to 51.7%.

Connect sky rockets

Most altcoins turned green yesterday in a similar way to Bitcoin. While some coins, like BNB, DOGE, TON, TRX, and SHIB, are a little in the red now, most others continue to move higher.

The price of Ethereum and Ripple rose by 0.5-1%, helping the former maintain $3,000 and the latter $0.5. Further gains are coming from the likes of SOL, ADA, AVAX, DOT, BCH, HBAR, and ICP.

However, Chainlink has stolen the spotlight from large-cap alternative companies. LINK's value has risen more than 18% in the past day and is now trading above $16.

The total cryptocurrency market capitalization has remained relatively flat on a daily scale at just over $2.5 trillion on CG.