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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

LINK Price Climbs Above $16 Again – What’s Behind The Latest Surge?

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Stellar price

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The LINK price seems to be intensifying its bullish momentum again after cooling off over the past few weeks. Despite the recent sluggishness in Chainlink’s price action, the cryptocurrency has maintained most of its profit and managed to stay above the $14 level in the past weeks.

Interestingly, the LINK price recently made its way above the $16 mark for the second time in less than a month. But here is the question – what is driving the latest surge?

On-Chain Data Reveals Catalyst For Chainlink’s Jump To $16

The latest on-chain revelation from Santiment has offered insight into the catalyst behind LINK’s price jump to $16. According to data from the crypto analytics firm, Chainlink’s richest wallets have made a substantial amount of token purchases in the past few days.

In a December 2 post on X, Santiment revealed that LINK whales bought about 3.9 million tokens (worth more than $62 million) in the past three days. This data point highlights an increase in the total amount of tokens held by the 200 largest Chainlink addresses.

https://twitter.com/santimentfeed/status/1730868046913548772

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This recent market activity underscores the current accumulation trend amongst Chainlink whales. According to data provided by Santiment, the top 200 wallets have loaded up more than $50 million worth of LINK tokens in approximately five weeks.

Furthermore, the on-chain analytics firm also revealed that the 200 largest Chainlink addresses currently hold a combined 746.57 million tokens (equivalent to a massive $11.84 billion). This figure represents nearly 75% of LINK’s total supply.

This accumulation trend is a positive sign for LINK and its price trajectory, as it suggests that large investors are keeping their faith in the asset and banking on the token’s price growth.

Is LINK Outperforming Bitcoin?

As of this writing, the LINK token is valued at $16.11, reflecting a nearly 2% price increase in the last 24 hours. According to data from CoinGecko, the cryptocurrency has jumped by more than 7.5% in the past week.

With its market capitalization rising by more than 143% in the last five months, Chainlink’s performance over the past few months is even more remarkable. Moreover, the altcoin has held its own against the premier cryptocurrency, Bitcoin.

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Based on data provided by Santiment, LINK has outperformed the market leader by over 93% – in terms of market cap – in the past five months. This is especially impressive considering that Bitcoin has also been on a positive run, recently breaking above $39,000 for the first time in over a year.

Nevertheless, Bitcoin maintains its position as the top cryptocurrency with a market cap of $772 billion. Comparatively, LINK ranks as the 12th-largest asset with a $9 billion market capitalization.

LINK

LINK price resumes upward trend on the daily timeframe | Source: LINKUSDT chart on TradingView
Featured image from Adobe Stock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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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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