Crypto Market Update for 6 March 2020: Bitcoin, Ethereum, and Chainlink

This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK) have been doing over the past 24-hour period, and covers recent news that might have affected their prices (or might do so in the future).

To give you a rough idea of how well the crypto markets are doing today, 18 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar).

All market data used in this article was taken around 12:00 UTC on 6 March 2020 from CryptoCompare, which also provided the price charts shown in this article.

Bitcoin

BTC-USD 24 Hour Chart on 6 Mar 2020.png

BTC-USD is currently trading at $9,152. This means that the Bitcoin price has been under the $10K level for over two weeks (i.e. since February 19 when the Bitcoin price reached the intraday high of $10,225).

Although the past two-week period has not been kind to Bitcoin with a loss of 6.21% against USD, Bitcoin has still managed to gain 27.30% against USD in the year-to-date (YTD) period.

What is interesting about Bitcoin's price action yesterday and today is that amid the COVID-19 outbreak it seemed as though Bitcoin was performing like a risk asset, and yet on Thursday (March 5), fears over the coronavirus' impact on the U.S. and global economy caused U.S. stocks to suffer more losses, with the Dow Jones Industrial Average (aka "the Dow") ending the day 3.5% lower and the S&P 500 dropping 3.3%. 

As for today, the Dow and S&P 500 futures pre-market data is suggesting that Friday will be another gloomy day in the U.S. stock market.

Ran Neuner, the host of CNBC Africa's "Crypto Trader" show, sent out this tweet earlier today to show why he is feeling so bullish about the outlook for Bitcoin:

Ethereum (ETH)

ETH-USD 24 Hour Chart on 6 Mar 2020.png

At the moment, ETH-USD is trading at $240.78. Since the Ether price set a seven-month high ($285.70) on February 14, it has dropped 15.75%.

However, the YTD performance is a whole different story, with a gain of 84.36% against USD.

On Wednesday (March 4), crypto analytics startup Santiment, sent out the following tweets to point out that Ethereum whales are "once again beginning to accumulate higher percentages of the total token supply":

Chainlink (LINK)

LINK-USD 24 Hour Chart on 6 Mar 2020.png

At the time of writing, LINK-USD is trading at $4.726.

In the past seven-day, 30-day, and YTD periods, LINK-USD has gone up 19.52%, 65.07%, and 162.26% respectively.

And yesterday, we got the news of yet another partnership with Chainlink:

 

Featured Image by "AhmadArdity" via Pixabay.com