As LINK consolidated last week, investors, who were expected to benefit in the coming days, also stopped trading and took action.
In just 5 days, the price of LINK has increased by 22% as the market has experienced a boom and around 25.7 million LINK, worth more than 7.7 billion US dollars, have been exchanged. After that, the trading volume on the spot market also skyrocketed and stayed over $ 500 million within 3 days.
LINK trading volume | Source: Coinalyze
The good news is that over the same period of time, profitable address collection has increased 16% – around 100,000 addresses. In addition, over 8 million LINKs worth $ 240 million in profits were generated during this period.
LINK profit and loss ratio | Source: Santiment
Given the positive developments mentioned above, some high net worth investors have benefited from this rally as well. And transactions worth more than $ 100,000 are up 156%.
Great offers from LINK | Source: Intotheblock
Additionally, some upward trends also came from the month-long Chainlink Fall Hackathon, which opened on October 22nd. This led to an increase in the value of the network. In fact, it’s currently at its highest level in more than 10 months.
Chainlink’s NVT rate | Source: Santiment
It seems that investors have chosen to hold on. This claim can also be supported by a reduction in LINK’s turnover rate.
The correlation between LINK and Bitcoin also recovered after almost a month and is now around 0.71. While this may seem like good news, it can also be harmful.
Recently LINK has fallen almost 5% against Bitcoin. And if this situation lasts long, the week’s real gain becomes a loss. Especially since the falling price has wiped out the profits made earlier.
LINK / BTC. diagram | Source: Tradingview
Further details on prices can be found at LINK.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Mr. Teacher
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Majuro, Marshall Islands, May 15th, 2024, ChainwireMultipool, a leading innovator in the blockchain and cryptocurrency…
Despite a recent drop, GME calls targeted massive gains with $100 and $128, as per…
ETH/BTC ratio crashes to a low of 0.046, last seen in April 2021. Ethereum's position…
DOJ charges brothers Anton and James Peraire-Bueno for a $25 million Ethereum blockchain attack.
Van Buren Capital's Scott Johnsson suggests spot Ethereum ETF rejections may precede SEC's May 23…
The dydx Foundation has recently disclosed a pivotal update on its official blog, revealing the…
This website uses cookies.