Chainlink sees bump in development activity despite LINK plunging 10%

Bitcoin has finally begun to correct after a 25 percent rally in the span of two weeks.

Altcoins are responding in kind, plunging against the U.S. dollar and against Bitcoin.

One of the worst-performing digital assets of the past 24 hours is Chainlink.

The leading altcoin, currently the fifth-largest crypto-asset by market capitalization, is down 10 percent against the U.S. dollar in the past 24 hours.

For context, Bitcoin has only dropped by three percent in the past day while Ethereum has shed five percent, CryptoSlate market data shows.

Chainlink plunges 10% in the past 24 hours despite positive developments.

Chainlink's 10 percent drop over the past day and 13 percent drop over the past seven days comes despite positive fundamental developments for the project.

A new DeFi liquidation protocol, B.Protocol, just integrated Chainlink oracles, as did a multi-faceted DeFi protocol called Equilibrium.

The carnage in the altcoin market may not be over yet, despite whatever fundamental developments there may be for individual crypto assets.

Su Zhu, CIO and CEO of Three Arrows Capital, recently said that Bitcoin moving up rapidly as it has over recent weeks is clearly bearish for altcoins.