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Home Cryptocurrency news Bitcoin

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

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min 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.

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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.

Looking into #onchain network activity can be a good way to select assets to invest in during the bull market ?

e.g. $LINK has shown significant growth in transfers w/ each passing month. Useful metric to see increasing token interest & usage @glassnodehttps://t.co/17WnXS3ZMp pic.twitter.com/8F52iOyh6W

— Josh Rager ? (@Josh_Rager) August 13, 2019

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.

Tags: bitcoinchainlinkcryptoJosh Rageron-chain activity
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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