With Bitcoin, XRP, Ethereum and nearly the entire cryptocurrency market in the red, two mid-cap altcoins are bucking the trend.
Analyst Crypto Michaël tells his 49,000 followers on Twitter that he believes traders are starting to become opportunistic by buying the dip in Chainlink (LINK) and Tezos (XTZ). Michaël also believes ETH is starting to show signs of life against BTC.
At time of publishing, Chainlink is up 6.44% in the last 24 hours at $3.62, according to CoinMarketCap. Tezos is up 2.98% at $2.77.
“LINK and XTZ providing an example of the strength of this market. During 2016/2017 several retracements were done, after which a strong bounce occurred. Even ETH/BTC is now showing strength. There’s some opportunities in bull markets to buy the dip, this might be one.”
Chainlink is designed to give companies a seamless way to take data that is external to blockchain applications and place it on-chain. The token is designed to reward operators that power the network. Tezos is a proof-of-stake blockchain platform that allows token holders to earn rewards in return for powering the network.
Michaël is keeping his eye on the big picture and says the largest cyptocurrencies by market cap need to step up and show signs of life. The key, he says, is whether Bitcoin can bounce off of the $8,700 area.
“Markets showing some relief bounces. Majors still need to step in. There’s always the fear of buying dips and people rather buy green candles, they always will. Coming days will decide whether $8,700 becomes the low on $BTC. And that’s still +$1,800 since January 1st.”
BTC is currently at $8,717, down 5.16% in the last 24 hours. Ethereum is down 8.83% at $218.95 and XRP is down 5.10% at $0.2304.
Since the start of 2019, Bitcoin is up 19.24%, Ethereum is up 67.69% and XRP is up 18.84%. Chainlink is up 95% and Tezos is up 111% since January 1st.