• 18 June, 2024
News

LINK’s Market Dominance Grows as Wallets Accumulate Amidst 500-Day High

  • Wallets holding over 10K LINK increase, indicating a significant trend of accumulation amidst a surge in market valuation.
  • Despite a lower percentage of profitable LINK wallets, Chainlink’s year-to-date growth surpasses that of Bitcoin, showcasing its market resilience.

As the cryptocurrency market rides the waves of a bullish trend, Chainlink (LINK), the twelfth-largest crypto asset by market capitalization, has notably outshined its counterparts. With a current price of $14.64 and a surge in its 24-hour trading volume to $1,151.9 million, LINK has exhibited a remarkable 9.07% increase within a single day and a stellar 29.09% climb over the past week. Currently, Chainlink’s valuation soars at a market cap of $8.14 billion, underpinned by a circulating supply of 560 million LINK tokens.

The dynamic surge of Chainlink maintains its pace, propelling it to stand out within the crypto market as it holds the position of the 12th largest by market cap. Analytical insights from Santiment revealed that previously inactive tokens are re-entering circulation, while wallets holding substantial amounts of 10K to 10M LINK are on the rise, marking a trend of significant accumulation.

As highlighted by Michael van de Poppe, a prominent figure in blockchain, the recent market behavior of Chainlink is not just a fleeting trend but the outcome of a sustained 500-day range breakout. The asset’s price movement has shattered the $12.5 resistance, setting its sights ambitiously on the $18 mark. This milestone is not merely a figure; it’s a testament to the asset’s robust upward momentum, a momentum that has taken its market value to a 19-month pinnacle.

Furthermore, the LINK ecosystem is witnessing a burgeoning holding culture. The count of wallets holding over 1,000 LINK reached a record high of 27,152, signaling a growing investor confidence and a shift towards long-term value storage. This holding pattern aligns with the notable increase in whale transactions, which have been pivotal in LINK’s breach of the $9 threshold, a three-month high at the time.

Despite these gains, Bitcoin maintains its lead in wallet profitability, with over 79% of BTC holders in profit, compared to LINK’s profitability ratio of 54.96%. However, Chainlink’s year-to-date (YTD) performance has impressively surpassed that of Bitcoin, marking a significant achievement for the network.

Chainlink’s current trajectory is an amalgamation of market sentiment, investor behavior, and potent trading activity. As it continues to navigate through uncharted price territories, the broader crypto community is closely watching LINK. They are pondering whether the digital asset will maintain its current pace or if this surge is the prelude to an even more significant market movement.

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