The cryptocurrency market is making a slight recovery today. Bitcoin (BTC) has reclaimed the $96,000 price point once again. The global crypto market cap has risen to $3.09 trillion. Chainlink (LINK) is also experiencing a price rebound. The asset is up 2.5%. in the daily charts and 27.4% over the previous month. Despite the slight recovery, LINK’s price is down 5.3% in the weekly charts, 4.8% in the 14-day charts, and 2.9% since May 2024.
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Cryptocurrencies Recover Amid Big Institutional Buys
The cryptocurrency market faced quite a dip in early April. Chainlink’s (LINK) price fell to a low of $10.89 on Apr. 9. Bitcoin briefly fell to below $75,000. The market has made quite a recovery since its April lows.
The recent market resurgence was likely fueled by institutional investors. BlackRock alone has purchased over $4.5 billion worth of Bitcoin (BTC) for its spot BTC ETF since Apr. 21. Other financial institutions have also filled their coffers. LINK and other assets may have benefited from BTC’s rally.
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Other bullish developments may have also aided LINK and other cryptocurrencies in their recovery. The appointment of pro-Bitcoin candidate Paul Atkins as the SEC head may have boosted confidence.
Chainlink’s Price For May 10
According to CoinCodex, LINK’s price may rise to $14.17 on May 10. The asset’s price will rally by 1.72% if it hits the $14.17 target. CoinCodex does not anticipate LINK’s price to hold at $14. The platform predicts the asset will face a steep correction to $7.88 on May 24. LINK’s price will dip by 43.43% if it dips to $7.88.
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There is also a possibility that LINK will not face a correction as predicted. There is a chance that the Federal Reserve will cut interest rates after its next meeting. The move could trigger a market-wide rally for the crypto sector.