Cryptocurrency News, Cryptocurrency Price Analysis

Chainlink Reaches new All-time High Despite Bitcoin’s Prolonged Slumps

Chainlink is currently enjoying massive growth in fame and productivity after recording an all-time high of over $26.60 in the chart. The digital asset platform has seen a tremendous increase in investors’ and traders’ rates since the start of 2021.

It has become one of the most effective and successful assets on the chart since January. The last 30 days have seen the LINK creator surprisingly rallied over 200%, which successfully put an end to the uncertainty about its future.

A turnaround in the asset’s performance

Also known as LINK, the recent turn of events has brought an end to speculations and doubt surrounding the asset’s future. As it stands, Chainlink is becoming stronger and more competitive every day, becoming one of the forces to reckon with as far as the industry is concerned.

Despite suffering a significant drop in value on the 21st and 22nd of January, the firm could regain its financial strength before closing all transactions for the week on Friday. Chainlink saw a massive crash in value as it dropped down to $16.7 during the two-day slumps. Interestingly, it managed to regain its rise to prominence by reaching $26.60 on the chart.

According to Santiment’s analysis, Chainlink’s bullish rally is expected to remain for a very long time to come due to the increasing number of active addresses adopting the platform in the crypto sphere. The analysis revealed that the number of Chainlink’s active users had witnessed at least 143% since November 2020, disclosing that more than 5301 new addresses were added to the asset within the last 24 hours.

After the LINK’s on-exchange supply ratio suffered a yearly-low previous week due to investors’ holding sentiments, the altcoin takes advantage of Bitcoin’s present slump in price to bounce back to its newfound prowess as soon as possible. The unrelated factor Bitcoin and the token asset continues to ring through as it continues to thrive while Bitcoin hasn’t been able to go past its low $32,000 support in recent weeks.

Experts predict an incoming Altcoin rally

Considering Bitcoin’s slump and Chainlink’s surge, crypto enthusiasts are advised to get ready for Altcoins bullish rally in the nearest future. Many investors currently keep close tabs on the improvement in Altcoins’ trading performances; they might be forced to invest in the market if the most prominent digital assets failed to pick up this week. Apart from LINK, other Altcoins such as Polkadot and Sushi are doing great at this writing time.

Should events turn out as predicted and a collective altcoin rally, Chainlink is expected to reach another all-time by the end of April 2021. Nonetheless, it is safe to say that Chainlink’s overall reputation is increasing in the industry, judging by its positive on-chain metrics and technical development.

Meanwhile, Grayscale could be supporting Chainlink shortly. There have been speculations that the crypto-based firm is willing to divert its support from the troubled XRP to LINK later in the year. This proposed move will bring a massive improvement to the Chainlink link as it would convince more institutions to adopt its asset. However, it remains unknown if there is anything to trust in the rumors at the moment. Trust us to keep you posted as events unfold.

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