LINK Price Climbs Above $16 Again – What’s Behind The Latest Surge?
03 December 2023 - 9:50PM
NEWSBTC
The LINK price seems to be intensifying its bullish momentum again
after cooling off over the past few weeks. Despite the recent
sluggishness in Chainlink’s price action, the cryptocurrency has
maintained most of its profit and managed to stay above the $14
level in the past weeks. Interestingly, the LINK price recently
made its way above the $16 mark for the second time in less than a
month. But here is the question – what is driving the latest surge?
On-Chain Data Reveals Catalyst For Chainlink’s Jump To $16 The
latest on-chain revelation from Santiment has offered insight into
the catalyst behind LINK’s price jump to $16. According to data
from the crypto analytics firm, Chainlink’s richest wallets have
made a substantial amount of token purchases in the past few days.
In a December 2 post on X, Santiment revealed that LINK whales
bought about 3.9 million tokens (worth more than $62 million) in
the past three days. This data point highlights an increase in the
total amount of tokens held by the 200 largest Chainlink addresses.
Related Reading: Coinbase (COIN) Up By 250% – Here’s Why It’s
Outperforming BTC And ETH This recent market activity underscores
the current accumulation trend amongst Chainlink whales. According
to data provided by Santiment, the top 200 wallets have loaded up
more than $50 million worth of LINK tokens in approximately five
weeks. Furthermore, the on-chain analytics firm also revealed that
the 200 largest Chainlink addresses currently hold a combined
746.57 million tokens (equivalent to a massive $11.84 billion).
This figure represents nearly 75% of LINK’s total supply. This
accumulation trend is a positive sign for LINK and its price
trajectory, as it suggests that large investors are keeping their
faith in the asset and banking on the token’s price growth. Is LINK
Outperforming Bitcoin? As of this writing, the LINK token is valued
at $16.11, reflecting a nearly 2% price increase in the last 24
hours. According to data from CoinGecko, the cryptocurrency has
jumped by more than 7.5% in the past week. With its market
capitalization rising by more than 143% in the last five months,
Chainlink’s performance over the past few months is even more
remarkable. Moreover, the altcoin has held its own against the
premier cryptocurrency, Bitcoin. Related Reading: XRP Price Set To
Explode: Analyst Identifies Trigger For Next Parabolic Move Based
on data provided by Santiment, LINK has outperformed the market
leader by over 93% – in terms of market cap – in the past five
months. This is especially impressive considering that Bitcoin has
also been on a positive run, recently breaking above $39,000 for
the first time in over a year. Nevertheless, Bitcoin maintains its
position as the top cryptocurrency with a market cap of $772
billion. Comparatively, LINK ranks as the 12th-largest asset with a
$9 billion market capitalization. LINK price resumes upward trend
on the daily timeframe | Source: LINKUSDT chart on TradingView
Featured image from Adobe Stock, chart from TradingView
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