In brief:
Crypto traders and investors scrolling down Coinmarketcap.com will notice that majority of the digital assets are experiencing significant losses save for ChainLink (LINK) which is up 3.41% in the last 24 hours.
This is besides the fact that Bitcoin experienced another massive dip
to $9,009 earlier today and rebounded back above $9,200. With BTC inching closer to a bear market, LINK has totally decoupled from the effects of Bitcoin in the crypto markets. This fact has been summarized by the following tweet by @MatiGreenspan.On the 4th of May this year, LINK experienced its all-time-high value of $4.95 thanks to an increment of holders and traders of the token. As earlier mentioned, LINK is in the green and trading at $4.79 and looks set to attempt to break this all-time-high value of $4.95.
The popularity of LINK has thus led to more investors buying and holding the asset. The team at Glassnode has done an analysis of LINK addresses and come to the conclusion that the number of LINK holders has increased by 100% since the beginning of 2020. Furthermore, an impressive 160,000 addresses hold LINK at the time of writing this. A summary of the analysis can be found in the following tweet by Glassnode.
Further checking the daily LINK/USDT chart courtesy of Tradingview, the following is observed.
In conclusion, LINK seems to be in clear bullish territory and could be gearing up for another attempt at its all-time-high value of $4.95. However, traders and investors are advised to have an eye out for any sudden movements by Bitcoin that could ruin the momentum for LINK. Additionally, risk management is further advised such as the use of stop losses when trading LINK.