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LINK price appears to be intensifying its bullish momentum again after cooling off over the past few weeks. Despite Chainlink’s recent slow price action, the cryptocurrency has retained most of its profits and managed to stay above the $14 level over the past few weeks.
Interestingly, LINK price recently surpassed the $16 mark for the second time in less than a month. But here’s the question: what’s causing the latest wave?
On-Chain Data Reveals Catalyst for Chainlink’s Jump to $16
Santiment’s latest on-chain reveal provided insight into the catalyst behind LINK’s price rise to $16. According to data from the crypto analytics firm, Chainlink’s richest wallets have made a significant number of token purchases over the past few days.
In a December 2 post on This data point highlights an increase in the total amount of tokens held by the 200 largest Chainlink addresses.
🔗🐳 #Chain link is ahead of the #altcoin field once again, aided by the superior whales which continue to accumulate. The 200 largest portfolios added just over $50 million $LINK in ~5 weeks. In 5 months, its market capitalization is +143% overall, and +93% vs. #Bitcoin. pic.twitter.com/oAPl9SQaJ5
–Santiment (@santimentfeed) December 2, 2023
This recent market activity highlights the current accumulation trend among Chainlink whales. According to data provided by Santiment, the top 200 wallets loaded more than $50 million worth of LINK tokens in about five weeks.
Additionally, the on-chain analytics firm also revealed that the top 200 Chainlink addresses currently hold a total of 746.57 million tokens (equivalent to a whopping $11.84 billion). This figure represents almost 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 remain confident in the asset and are banking on the token’s price growth.
Is LINK outperforming Bitcoin?
At the time of writing, the LINK token is valued at $16.11, reflecting a price increase of almost 2% over the past 24 hours. According to data from CoinGecko, the cryptocurrency surged more than 7.5% last week.
With the market capitalization increasing by more than 143% in the last five months, Chainlink’s performance over the past few months is even more remarkable. Additionally, the altcoin has held up against the leading cryptocurrency, Bitcoin.
Based on data provided by Santiment, LINK has outperformed the market leader by more than 93% – in terms of market capitalization – over the past five months. This is especially impressive considering that Bitcoin has also seen positive developments, recently surpassing $39,000 for the first time in over a year.
Nevertheless, Bitcoin retains its position as the leading cryptocurrency with a market capitalization of $772 billion. For comparison, LINK ranks 12th in assets with a market capitalization of $9 billion.
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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