| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $107358.3700000000 |
| ETH | $2438.9290000000 |
| BNB | $649.9543600000 |
| XRP | $2.1862380000 |
| ADA | $0.5613123000 |
| SOL | $149.9700000000 |
| DOGE | $N/A |
| DOT | $3.4057100000 |
| LTC | $86.7900000000 |
| LINK | $13.4217200000 |
Category: CRYPTO NEWS
The post Chainlink (LINK) Sees 600% Surge, Setting the Stage for a Sustained Uptrend appeared on BitcoinEthereumNews.com. Chainlink’s price surged by 22% in the last 30 days, driven by strong investor confidence. The increase in Coin Holding Time and MVRV ratio indicates potential for further gains. Chainlink (LINK) has witnessed a notable 22% price increase over the past 30 days, positioning itself as one of the top-performing cryptocurrencies within the top 20 by market capitalization. One factor that can be attributed to the current performance of Chainlink is the behavior of its investors. According to IntoTheBlock, Chainlink Coin Holding Time has risen by 677% from late July onwards. This metric which measures the average time investors hold onto the tokens shows increased confidence in Chainlink for the long term. An increase in holding time means that investors are choosing to keep their LINK tokens instead of trading them, thus decreasing the supply and perhaps increasing the price. The increase in holding time also points to changes in investors’ investment strategies. Long-term holdings of tokens by investors generally suggest that they have high expectations of the assets’ value in the future. This behavior is important in order to maintain the recent price gains of Chainlink, as a reduction in selling pressure can lead to a more stable price action. MVRV Ratio Points to Potential Price Continuation Another factor that supports the Chainlink bulls is the Market Value to Realized Value (MVRV) ratio. This ratio helps determine if an asset is overvalued or undervalued given its market price in comparison to the realized value of the asset. At the moment, Chainlink’s 30-day MVRV ratio is at 13.56%, which means that the cryptocurrency is in good condition with a reasonable level of unrealized gains. Source:Santiment Historically, when Chainlink’s MVRV ratio has risen above this level, it has gone as high as 20%. If this pattern continues, the price of LINK…
2024-08-28T02:30:16+00:00