More People Trading LINK than Bitcoin as Explosive Gains Puts Every Single Holder in Profit

LINK hit a new ATH at $14.40 over the weekend and daily active addresses went on the same path. Oracle protocols are gaining a lot of attention as seen with BAND as well which will be listed on Coinbase Pro today.

  • LINK is the clear winner of this market.
  • The digital currency is not taking a breather, continuing to push higher for new highs after new highs.

Yesterday, a new all-time high was achieved by LINK at $14.40 after gaining 52% over a period of three days. These gains helped push LINK to a higher position in the crypto market — it is the 6th largest cryptocurrency, replacing Cardano (ADA), with a market cap of $4.75 billion.

On the weekend, the greens had LINK surpassing the largest cryptocurrency Bitcoin in terms of ‘real’ trading volume. On Coinbase Pro, LINK’s 24-hours trading volume is $163 million, almost 70% higher than Bitcoin’s $96.48 million.

As price has retraced a bit, the digital asset is down 6% from the ATH at $13.56 at the time of writing, so is the trading volume now at $958 million, down Bitcoin’s $2.1 billion and Tether’s $4.1 billion, as per Messari.

Oracle projects seem to be currently hot in the market as not only seen with LINK but also Band Protocol (BAND), which has been going parabolic ever since this month started and Coinbase announced the listing.

Ahead of its Coinbase Pro listing today, BAND is trading at $15.77, down 11% from its all-time high of $17.67 hit on August 10th. These gains have BAND become the 5th largest cryptocurrency, just a step down from Ethereum.

This 41st largest crypto asset with a market cap of $323 million is up a whopping 6,200% YTD.

Entering Overbought Territory

The most exciting thing for LINK Marines is that these new records had pushed their profitability upwards.

As a matter of fact, even at the price of $13.46, 100% of the addresses, 182,650 are in profit, as per IntoTheBlock.

Chainlink 100% Profit
Source: IntoTheBlock

Interestingly, LINK not only hit new ATH in price but also in daily active addresses at 15,600, which has the digital asset trending at the top spot on Santiment.

However, these gains might be overextended now as the 1-year MA suggest the price is now entering the overbought phase, said trader @CarpeNoctom.

$LINK (1-year MA)*3 suggests price is now entering the overbought phase
Source: @CarpeNoctom

On the development side, last week, decentralized gold mint Bullionix integrated Chainlink VRF to access a fair source of randomness to power its coin flip experience. Another project, decentralized lending protocol HODLTree is integrating its ETH/USD and BTC/USD price reference data for accurate collateral valuations when issuing loans and executing liquidations.

Other Chainlink integrations from last week included Harmony protocol, Provide platform, AdEx Network, and Sperax. MMO blockchain-based game War Riders is also using Chainlink to handle in-game crypto deposits and withdrawals.

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AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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