Chainlink Price and Bitcoin Correlation
The Chainlink price has been behaving differently compared to other cryptocurrencies in the market recently. However, it’s worth noting that the current trading zone of $LINK has a historical connection with the price of Bitcoin. Whenever the altcoin showed optimism around the $8 mark, there has been a negative correlation with Bitcoin. This suggests that when LINK price rises above $8, there is often a sell-off in BTC. This pattern could indicate that Bitcoin whales are trying to enter the Chainlink market in anticipation of potential profits.
Bullish Momentum and Whales
Interestingly, the Chainlink token price has just reached the $8 milestone, and altcoin whales have been displaying bullish momentum through recent buy activity. In the past two weeks alone, these whales have accumulated approximately $53 million worth of tokens. On-chain data reveals that over 7.5 million LINK has been purchased by these whales within this short time period. Additionally, there has been an increase in Chainlink address activity to a two-month high and a decrease in the token’s supply on centralized exchanges.
Hot Take: Potential Bullish Wave for Chainlink
The recent correlation between Chainlink and Bitcoin prices, along with the bullish behavior of altcoin whales, suggests a potential bullish wave for Chainlink. If history repeats itself, we may see another round of price increases for this top 20 altcoin. It will be interesting to monitor how these trends develop and whether they will continue to impact the crypto market as a whole.
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