These Two Cryptos Are Leading the Recovery as $10 Billion Returns

As Bitcoin continues to plummet dragging most major cryptoassets with it, two cryptos are leading the recovery. Tezos and Link have shot up today as $10bn returns to the cryptocurrency market cap.

Tezos and Link Show Remarkable Recovery

The end of the month is fast approaching with Bitcoin on track to erase all gains made in February. After a couple of major breakouts convincing traders that the bull market was back ahead of the halving, BTC has been sharply declining to fall as low as $8580 on Feb 27.

BTC Feb

The story is quite different for Tezos (XTZ) and Link (LINK). These two cryptos are among those that have shown the most gains from the bullish start to 2020. XTZ skyrocketed by almost 220%, while LINK also soared over 185%.

Tezos Feb

However, both cryptocurrencies experienced severe drops over the past week. Just yesterday, XTZ had corrected 32% from its recent high of $3.96, while LINK was down 25% since hitting $4.87. 

Link Feb

But today, they’re both bright green on a board of angry red. XTZ is up 9.94% at the time of writing while LINK is echoing its gains at just over 8.29%. Why?

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Bullish Action Surrounding Tezos

Despite the savage correction this month, Tezos has been showing a lot of bullish momentum. One trader pointed out an uncanny resemblance to ETH in 2017.

Coinbase custody has also added more than 12 million XTZ in delegations over the last month. This led one Tezos supporter to point out that while retail traders were selling, bigger players were buying:

XTZ momentum today looks to also be in part due to the announcement yesterday that Tezos margin trading is now available on Kraken and Kraken Pro. This makes XTZ the ninth coin to be listed for margin trading as XTZ was previously only available for staking.

With Tezos day coming up on March 6 and its founder speaking at the upcoming Paris Blockchain Week Summit, be on the lookout for more announcements coming from the Tezos camp.

LINK Boosting DeFi Movement

With DeFi gaining in traction, Chainlink is becoming a serious contender. It provides price feeds for mainly blockchain apps in the DeFi area. On Monday, Polkadot announced that it will be the first non-Ethereum blockchain to integrate Chainlink and on Tuesday, Chainlink tweeted out this milestone as the “start of becoming blockchain agnostic.” 

Chainlink is set to become the first and primary oracle provider for all Substrate-based chains and eventually the entire Polkadot network.

The announcement said. It also noted that:

The integration of Chainlink’s decentralized oracle network on a dedicated parachain can unlock multiple use cases on Polkadot

With Chainlink announcing more partnerships almost daily, the latest with Nexus Mutual, it looks as if this crypto could be set to see further gains.

Do you think LINK and XTZ will continue to outperform the market today? Add your thoughts below!

Images via Shutterstock, Twitter @chainlink @THE_H4LF_5OUL @DanSumm13902367, charts by Tradingview


[Source] Author: Christina Comben

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