Today on 12th March 2020, the whole cryptocurrency market has faced a huge crash recording the worst performance. The markets faced a loss of $50 billion in market capitalization. Among all the digital assets, Chainlink’s LINK was the worst-performing asset along with Bitcoin in the market.
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It was a surprise for LINK holders as the trading pair LINK/USD went below to the $0.0001 level on the Binance crypto exchange. This huge flash crash caused the price value of the coin to decrease by 99% to nearly zero. It was an unbelievable performance by LINK.
LINK: the worst-hit crypto asset in the market
Chainlink’s LINK is known as a rising star of the market as it showed brilliant performance in the year 2019. Because of its outstanding and remarkable performance, it was included in the top-five altcoins at the end of the year 2019. LINK also continued to show such a bullish performance in the year 2020 as well. Where the rest of the crypto market was bleeding, LINK recorded a new all-time high of $4.92.
However, LINK behaved totally different this morning when the trading pair LINK/USD came down to the lowest level of $0.0001.
LINK somehow recovered quickly after that and at the time of writing, the price value of the coin is trading at $2.46. However, it is still not known why the coin faced such a huge fall in its price value.
The worst day for Bitcoin as well
Though LINK was the worst-performing digital asset today on 12th March, the day was also the worst day for Bitcoin as well. The leading digital asset Bitcoin went below the $6000 level. It was the biggest price crash for Bitcoin in more than a year since May 2019. The leading coin was earlier trading above the $8k level but eventually, it came down quickly and at the time of writing, the price value of the coin is trading at $6,107.05 USD with a change rate of -22.04% in 24 hours.
Along with Bitcoin (BTC) and LINK, several other cryptocurrencies in the market also recorded double-digit losses today including the second-ranked cryptocurrency Ethereum (ETH).
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