Leading the way in the tangible enthusiasm surrounding the cryptocurrency space is Chainlink (LINK). As Bitcoin (BTC) surpasses $50,000 for the first time since 2021, several digital assets are emulating this move. Notably, LINK, which has been developing rapidly lately, has become a noteworthy performer.
Chainlink has risen 6.5% in the last week alone, indicating a remarkable 34.6% gain in the 14-day charts and a significant 34.2% growth over the preceding month. Furthermore, LINK’s price has increased by almost 200% since February 2023, indicating a noteworthy positive tendency.
Although the recent spike in Chainlink may be somewhat explained by Bitcoin’s comeback, the asset has been rising since late 2023. Late October 2023 saw LINK soar to prominence that it doubled in value in a matter of weeks. An additional noteworthy surge transpired towards the end of January 2024, possibly instigated by inactive whale wallets releasing substantial quantities of tokens into circulation, thereby inciting an intense purchasing spree among investors.
Chainlink Attracts Investors
Altcoins such as Chainlink showed incredible resiliency when investors turned their backs on Bitcoin, helping to drive a small increase in market capitalization even in the face of declining total trading volumes. Along with other notable altcoins like Flare (FLR), Ronin’s RON, Bittensor TAO, and Render Network (RNDR), Chainlink has particularly stood out.
The removal of 119,583 LINK (or $2.15 million) from Binance in the last hour suggests that whales or institutions have accumulated a sizable amount of Chainlink tokens, according to recent statistics from Lookonchain. This calculated action demonstrates the increasing belief in the token’s long-term prospects.
In addition to outperforming the overall market, Chainlink, the top Oracle network in the blockchain realm, has demonstrated exceptional individual success. LINK has had a notable upswing, with a market capitalization of $11.92 billion and a 24-hour trading volume of $6.29 billion. The weekly chart shows an impressive 9.94% growth in value, and the value has increased by 1.44%.
This is the largest age-consumed spike on record, largely due to the resurrection of dormant wallets that were previously inactive for an extended period of time. As Bitcoin fades into the background, Chainlink keeps defying the overall market trend and drawing in investors with its strong performance and room to grow.