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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Altcoin Chainlink On-Chain Activity Makes It A Standout In Crypto Market

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
chainlink crypto exchanges

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The crypto market is a new and emerging asset class that – due to the various innovation factors, its speculative nature, and the technological intricacies of each individual coin – makes assigning a value to any altcoins exceedingly difficult to pinpoint with any sort of accuracy.

Crypto analysts use a variety of metrics to determine any fundamental benefits that could affect the long-term price growth of the asset. One such metric is on-chain activity, and according to a prominent crypto analyst, few altcoins are as “attractive” as Chainlink – a crypto asset that recently took the market by storm – when comparing on-chain activity data.

Chainlink On-Chain Activity Among Strongest in Altcoin Market

On-chain activity is a data point crypto analysts often look at when performing fundamental analysis of a crypto asset. On-chain activity represents all of the transactions being broadcast across a crypto asset’s network and includes everything from payments, to transferring funds to exchanges or wallets, and more. The idea is, the more activity the crypto asset has on its network, the more valuable that network is and can grow larger more rapidly via a network effect.

Related Reading | Altcoin Apocalypse: Only Two of Top Ten Crypto Cap Have Outperformed Bitcoin 

When it comes to the altcoin market, on-chain activity is dwindling across the space as the hype and interest in crypto and blockchain has fizzled and begun to instead focus on Bitcoin and its new narrative as a safe haven asset. However, there is one “attractive” standout, according to prominent crypto analyst Josh Rager, and that’s Chainlink, an altcoin that enjoyed its time in the limelight in recent weeks as it made headlines and went on a powerful rally.

https://twitter.com/Josh_Rager/status/1161067700707319813

Rager says that on-chain network activity can help investors select assets more apt to perform during a bull market, and the “significant growth” Chainlink has seen in transfers each month shows a boost in token interest and usage. Because of the steady and significant growth, Rager says that “Link looks more attractive on-chain than [the] majority of altcoins.”

How On-Chain Activity Helped Spot Obvious Crypto Climax

On-chain data as a metric crypto analysts and traders can use to determine price movements and trends doesn’t stop at showing investors which assets to load up on for bull markets. It also can help spot a climax in surging interest, which could also help investors understand when best to sell the asset in order to buy back later at a cheaper price.

Related Reading | Crypto Pundit: Altcoin Sentiment Will Cause Bitcoin to Collapse 

On-chain activity in Chainlink clearly showed a “obvious climax” in interest, according to crypto analyst NebraskanGooner. In a Glassnode chart shared by the analyst, on-chain transfers peaked the same time that Chainlink’s bull rally did, and helped time the buying climax.

Obvious climax here too. pic.twitter.com/VJtBZVPrMv

— Nebraskangooner (@Nebraskangooner) August 13, 2019

Had Chainlink holders sold at the peak of transfers, they also would have sold the top of the rally. On-chain activity could be a helpful weapon in the arsenal of any trader or analyst hoping to gain an edge in the crypto market.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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