Bitcoin (BTC), Chainlink (LINK), and Dogecoin (DOGE) Market Correction Aligns With Equities Market

Volatility has continued to rock the digital currency ecosystem with Bitcoin (BTC), Chainlink (LINK) and Dogecoin (DOGE) in the spotlight.

Crypto markets have corrected alongside equities as traders increase speculation that the bull rally has come to an end. With crowd optimism transitioning to doubt, these are the $500M market cap projects showing the best upside based on buying into the crowd FUD:

1⃣… pic.twitter.com/OvnvlWdSus

— Santiment (@santimentfeed) October 23, 2024

The digital currency ecosystem has continued to witness volatility, with Bitcoin (BTC), Chainlink (LINK) and Dogecoin (DOGE) taking center stage. At the time of writing, market data highlighted a decline of 2.05% in the total crypto market cap, which now stands at $2.28 trillion.

As highlighted by crypto analytics platform Santiment, the broader crypto market correction aligns with the equities market.

The Bitcoin, Chainlink and Dogecoin Advantage

Notably, Santiment profiled 10 digital currencies that it claims to have “crowd optimism.” The term was used by the analytics platform to denote the coins that more community members are talking about.

Top on the list, when sieved by those worth at least $500 million in valuation, is Chainlink. The oracle service provider has made headlines on different ocassions lately.

By introducing privacy features into its Cross Chain Interoperability Protocol (CCIP), Chainlink is setting a new standard for interoperability.

The CCIP, when fully integrated, will enable any blockchain to communicate directly with another chain. This will be done without the need for a third-party intermediary or a centralized authority.

In turn, this will open up a new realm of possibilities for cross-chain applications, DeFi protocols and NFT use cases. As highlighted by Chainlink, the protocol will also enhance security and reduce the risk of a single point of failure.

The Impact of Crowd FUD on Crypto Prices

Santiment further noted that the crowd sentiment has shifted from optimism to FUD (fear, uncertainty and doubt) over the past month. This is largely due to the recent market downturn and the bankruptcy of several crypto firms.

However, the analytics platform argues that buying into the crowd FUD could be a strategy for identifying undervalued projects with the potential for significant upside.

To arrive at the conclusion, Santiment took into account the crowd sentiment, price performance and technical strength of each project. The platform also considered the potential for crowd FUD to drive further selloffs.

Following Chainlink, Santiment named Bitcoin, Goat Network, Dogecoin, XRP, PEPE, Filecoin, Shiba Inu, EigenLayer and Beam as the projects that stood out in this regard.

Of these, Bitcoin has received significant chatter lately. From the potential Indian government ban of BTC, to the Michael Saylor self-custody controversy, the coin remains on the frontlines of social discussion this week.

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