Bitcoin holds above $100k mark; Avalanche, Chainlink surge over 4%

Bitcoin slipped nearly 1% on Friday but remained above the $100,000 mark after a profit-taking correction from its high of $102,500.

As of 11:45 am IST, Bitcoin was down 0.8%, trading at $100,028, while Ethereum remained flat at $3,918. Bitcoin's intraday high was $102,524, with a low of $99,233.

Other major altcoins, including XRP (3.8%), Solana (1.7%), Dogecoin (2.5%), Cardano (4.8%), Shiba Inu (4.2%), Polkadot (4.2%), Stellar (4.5%), Uniswap (5%), and Hedera (3%) also experienced losses. However, Avalanche and Chainlink surged over 4%.

"Despite profit-taking, market activity remains strong, with altcoins like Chainlink, Avalanche, and Tron gaining momentum. Market sentiment has strengthened, with BlackRock recommending a 2% Bitcoin allocation. Additionally, Bitcoin ETFs saw $50.5B in net inflows in their first year, reflecting institutional confidence," said Edul Patel, CEO of Mudrex. "Bitcoin now faces resistance at $103,200, with support at $98,600," he added.

Meanwhile, Avalanche (AVAX), the world’s 11th-largest crypto by market cap, raised $250 million from leading investors like Galaxy Digital and Dragonfly, shortly after a major blockchain upgrade that reduced deployment costs by 99%, according to CoinSwitch Markets Desk.

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Vikram Subburaj, CEO of Giottus, stated, "As Bitcoin hovers around $100,000, activity on Binance shows renewed buying interest, with the Taker Buy/Sell Ratio shifting upward. Bitcoin faces strong resistance at $103,000 and support at $99,000, with potential upside to $105,000-$110,000 if momentum strengthens."

"Extreme Greed" sentiment has cooled off in the market with the Crypto Fear and Greed Index dipping marginally from 83 to 76, Subburaj added.

The global cryptocurrency market capitalization fell 1.08% over the past 24 hours to approximately $3.6 trillion. According to CoinMarketCap, stablecoins is now at 92.52% of the total 24-hour crypto market volume, at $190.05 billion.

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Bitcoin’s market cap gained to $1.98 trillion, and its volume in the last 24 hours dropped by 16.86% to $67.86 billion.

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