Ethereum (ETH) and Chainlink (LINK) Hit New All-time Highs While Dormant Tokens Moving Fast
The world’s second-largest cryptocurrency Ethereum (ETH) has hit a new all-time high of $1868 surging an additional 5.5% today. The overall cryptocurrency market cap shoots to $1.5 trillion and altcoins continue to show dominating behavior.
At press time, ETH is trading at $1851 with a market cap of $212 billion. The institutional buying of Ethereum (ETH) has kickstarted on a big scale. Every since reopening the Grayscale Ethereum Trust (ETHE) 12 days back, digital asset manager Grayscale has added 195,000 ETH coins worth $353 million. The net assets under management of the Grayscale Ethereum Trust (ETHE) have soared to above $5.5 billion.
Also, the CME Ether Futures have seen staggering response since going live earlier on Monday, February 8. On-chain data provider Skew Analytics notes that the average daily volume for Ether Futures, in the first four-sessions, has been above $30 million. At the same time, the open interest in the CME Ether Futures has moved past $43 million.
CME Ether futures: average daily volume in first four sessions $31mln, open interest $43mln pic.twitter.com/QfODhTXWaS
— skew (@skewdotcom) February 12, 2021
Chainlink (LINK) Hits New All-Time High Above $30 With Dormant Tokens on the Move
Oracle service provider Chainlink (LINK) has registered a solid move in the market. The LINK cryptocurrency has shot up 14% today hitting its new all-time high of $32. With this move, Chainlink’s (LINK) price has nearly tripled year-to-date registered a solid 200% gain.
The LINK cryptocurrency has seen a solid demand in the exploding crypto DeFi market. As a result, investor optimism has also spiked simultaneously. On-chain data provider Santiment states that the recent LINK price comes with “increased level of token circulation, dormant tokens moving, and a sustained high level of unique address activity”.
???????? $LINK hit a new #ALLTIMEHIGH today of $30.81, backed by a continued increased level of token circulation, dormant tokens moving, and a sustained high level of unique address activity. These primary metrics are key to a continued #Chainlink price push! https://t.co/ICwiSIvTBK pic.twitter.com/AeaxJCh1LM
— Santiment (@santimentfeed) February 12, 2021
As stated the Dormant USD invested in LINK has been on the move. Analysts say that Chainlink is emerging as a new competitor to Ethereum and the surge in the network activity is a testament to it.
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