NewsletterChainlink (LINK) Price Heavy Correlated With Bitcoin; What It Means
The Chainlink price has shown a particular deviation from the rest of the crypto assets market over the last 30 days. But it is the current zone $LINK is trading in that has a historical context in correlation with Bitcoin price. Does it mean another spell of bullish wave for the top 20 altcoin?
Also Read: ETH Price Shoots As Valkyrie Secures Permission to Club ETH-BTC Futures Contracts
LINK Price Vs BTC
A look at LINK Price pattern in relation to the BTC price showed that there has been a negative correlation for Bitcoin whenever the altcoin showed optimism around the $8 mark. Crypto influencer DocXBT observed that a LINK price rise above $8 has often followed by a BTC sell off. This could be a clear indication of Bitcoin whales trying to gain entry into Chainlink in anticipation of profits.
Interestingly, the token price has just reached the cusp of the $8 milestone. In addition, the altcoin whales signal bullish momentum with buy activity in recent times.
Chainlink Whales Turn Bullish
Meanwhile, the Chainlink whales have in the last two week displayed confidence in the altcoin, with accumulation of around $53 million worth tokens in the time period. On chain data shows that the whales have purchased over 7.5 million LINK in the space of just two weeks. Supporting this momentum is the finding that the Chainlink address activity rose to a two month high and a decrease in the token’s supply on centralized exchanges (CEXs).
Also Read: Blackrock, Bitwise Spot Bitcoin ETF Filings Delayed; What Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- XRP News: Ripple Expands Payments Service With RedotPay Integration
- Bitcoin Surges Above $90K Fueled By Fed QT End And Rate Cut Optimism
- HYPE Jumps 10% as Hyperliquid Treasury Firm Sonnet Secures Merger Approval
- Bitamp Wallet Review: User-friendly Web Wallet for Bitcoin Transactions
- Breaking: First U.S. Chainlink ETF Goes Live as Grayscale Launches ‘GLNK’
- Bitcoin Price: What’s Next For BTC After Fed Chair Jerome Powell’s Speech?
- XRP Price Slowly Forms a Rare Pattern as Ripple ETFs Near $1B Milestone
- Chainlink Price Eyes More Recovery After Grayscale’s Spot ETF Launch
- FUNToken Is Surging: Will FUN Price Recapture Early 2025 Growth?
- Ethereum Price Prediction: ETF Outflows Hit $79M as Institutional Accumulation Surges
- Pump Coin Price Jumps 10% as Whale Accumulates $23.5M; What’s Next?
