Bitcoin reached an all-time high of close to 26 times a few hours ago, after which many altcoins on the market rose in value. Although this certainly gave the market new momentum, this was not the case for every altcoin.
Chainlink has long been unconnected to Bitcoin’s performance, and this is reflected in its unaltered price. Link’s price has consolidated between $ 11.40 and $ 11.84 over the past few days, with LINK trading at $ 11.34, while sales pressure has also increased significantly.
This kind of selling pressure could be the result of the consolidation of the digital asset in the charts. Although LINK has managed to bounce back by 486% since the start of the year, foreign currency inflows have also increased. Chainlink yesterday experienced the biggest increase in stock market inflows for 2020, according to data provider centiment.
The increase in inflows is often a sign of traders ‘ panic in the market, and given the inaction of some subs, such as LINK, in the face of bitcoin’s hyperactivity, this is understandable. While many may sell the digital asset at its peak, altcoin’s falling price has pushed that sale even further.
While Bitcoin is currently peaking, a drop like this would push the remaining alts further down the price charts. The increase in sales pressure could be an indication of a fearful market and traders wanting to make their profits before the fall.
Interestingly, despite the increase in sales pressure in the Chainlink market, top hodlers were continuing to do hodl. Not only that, as of last week, the number of wallets holding LINK tokens has increased by 200%, with chainlink’s network wealth concentration also changing. This suggests that despite the cryptocurrency’s price struggles, many of its core investors continue to keep it in good shape.
While the Spot market does not provide relief for traders in the market, the expanded Chainlink network provides a solid foundation. Its soothsayers have been actively used by various projects in the decentralized financial ecosystem. While many have already integrated price feeds to provide clarity on price and other considerations, they have recently seen Opendefi, an open Finance protocol, also integrate price flow.
However, unlike others, this was to price tokenized gold and silver. Chainlink has made giant strides in terms of progress and its network growth will maintain traders ‘ confidence in the project even if the spot market falls with its growing customer list every day.