Chainlink has seen some pretty boring promotions over the past week. Due to the low correlation, the Bitcoin price increase did not trigger a rally for LINK. However, this week things have changed and the keepers are looking better.
As LINK consolidated last week, investors, who were expected to benefit in the coming days, also stopped trading and took action.
In just 5 days, the price of LINK has increased by 22% as the market has experienced a boom and around 25.7 million LINK, worth more than 7.7 billion US dollars, have been exchanged. After that, the trading volume on the spot market also skyrocketed and stayed over $ 500 million within 3 days.
LINK trading volume | Source: Coinalyze
The good news is that over the same period of time, profitable address collection has increased 16% – around 100,000 addresses. In addition, over 8 million LINKs worth $ 240 million in profits were generated during this period.
LINK profit and loss ratio | Source: Santiment
Given the positive developments mentioned above, some high net worth investors have benefited from this rally as well. And transactions worth more than $ 100,000 are up 156%.
Great offers from LINK | Source: Intotheblock
Additionally, some upward trends also came from the month-long Chainlink Fall Hackathon, which opened on October 22nd. This led to an increase in the value of the network. In fact, it’s currently at its highest level in more than 10 months.
Chainlink’s NVT rate | Source: Santiment
It seems that investors have chosen to hold on. This claim can also be supported by a reduction in LINK’s turnover rate.
The correlation between LINK and Bitcoin also recovered after almost a month and is now around 0.71. While this may seem like good news, it can also be harmful.
Recently LINK has fallen almost 5% against Bitcoin. And if this situation lasts long, the week’s real gain becomes a loss. Especially since the falling price has wiped out the profits made earlier.
LINK / BTC. diagram | Source: Tradingview
Further details on prices can be found at LINK.
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According to AMBCrypto