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.

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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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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.