As a seasoned crypto investor with a knack for spotting trends and a portfolio that’s seen its fair share of market cycles, I must admit, the recent surge of LINK has piqued my interest. With 37 months since we last saw the $29 mark, it’s safe to say this isn’t just another bull run, but something more substantial.
For the first time in nearly three years, Chainlink’s native token, LINK, has crossed the $29 threshold. In the last seven days, this digital currency associated with the decentralized oracle network has experienced a 21% increase.
As a result, LINK has emerged as one of the best-performing altcoins in recent weeks.
Whale and Shark Gobble Up LINK
The latest analysis by Santiment indicates that the surge is primarily driven by an notable rise in the gathering of whales and sharks.
Over the last two months, large LINK wallets (holding 100K or more) have increased their holdings by approximately 5.69 million tokens, while smaller wallets (less than 100K LINK) have decreased their positions by a similar amount (5.67 million tokens). Typically, such trends – with big investors acquiring coins from anxious or hurried small traders – tend to indicate potential future growth for the cryptocurrency.
Yet, the continued growth of Chainlink and other prominent altcoins depends significantly on Bitcoin‘s ongoing strength, according to an analysis by the crypto analytics platform. Should Bitcoin sustain its progress, there are clear signs that persistent investors in LINK could reap substantial long-term benefits.
The recent jump in the price could also be due to the fact that World Liberty Financial bought $1 million worth of LINK, bringing their total holdings up to $2 million. Notably, this company, which is backed by the Trump family, also has large quantities of AAVE‘s Aave. Now, LINK stands as the fourth-largest asset in their portfolio, after Ethereum (ETH), Bitcoin (BTC), and Tether (USDT). It’s worth mentioning that World Liberty Financial relies on Chainlink’s services for critical pricing data and cross-chain compatibility.
LINK Futures OI Reaches All-Time High
The rise in value at the same time saw a significant jump in Futures Contracts Activity, as indicated by Open Interest (OI). As per Glassnode’s report, this level has peaked at an unprecedented $770.27 million, implying a substantial surge in trading actions.
As an analyst, I’ve observed a substantial profit-making spree in the spot market, amounting to approximately $35.57 million. This event ranks as the second most profitable of the year, trailing only behind the $40.39 million realized on February 11th. The majority of these profits can be attributed to speculative participants in the market, with ultra-short-term holders (1d-1w) accounting for 15.3%, and short-term holders (3-6m) contributing 22.5%.
Regardless of recent earnings, it’s clear that LINK is demonstrating promising indicators, as the number of active addresses increases, suggesting ongoing engagement and a possibility for further expansion. However, it remains below its 2021 high point.
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2024-12-13 17:20