Chainlink has seen rather tedious actions in the last week. Due to the low correlation, the increase in the price of Bitcoin did not trigger a rally for LINK. This week, however, things have changed and holders are looking better.
When LINK consolidated last week, investors also stopped acting, expected to benefit them in the coming days and it took action.
In just 5 days, the price of LINK has increased by 22% as the market has witnessed a boom and about 25.7 million LINK, worth more than $7.7 billion has been exchanged. After that, the trading volume on the spot market also skyrocketed and in 3 days, remained above $500 million.
LINK Trading Volume | Source: Coinalyze
The good news is that in the same time frame, profitable addresses have increased by 16% – around 100,000 addresses. Plus, over 8 million LINKs worth $240 million in realized profits during that period.
LINK’s profit and loss ratio | Source: Santiment
Looking at the aforementioned positive developments, some wealthy investors have also taken advantage of this rally. And transactions worth more than $100k have increased by 156%.
Big deals of LINK | Source: Intotheblock
Additionally, some upside also came from the month-long Chainlink Fall Hackathon, which opened on October 22. This resulted in an increase in the value of the network. In fact, it is currently at its highest level in more than 10 months now.
Chainlink’s NVT Rate | Source: Santiment
It seems investors have decided to keep holding. This claim can also be supported by a decrease in the LINK turnover rate.
LINK’s correlation with Bitcoin also recovered after almost a month and is currently around 0.71. While this may seem like good news, it can also be harmful.
Recently, LINK has dropped almost 5% against Bitcoin. And, if this situation continues for a long time, the real profit for the week will turn into a loss. Especially since the falling price has negated the profits made earlier.
LINK/BTC . Chart | Source: Tradingview
You can see more details about the price LINK.
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According to AMBCrypto
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