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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Chainlink Crosses $6.18 Trillion In Transaction Value – Will This Boost LINK Price?

Christian Encila
Christian Encila
3 years ago
2 mins read
Chainlink

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The reception of Chainlink among crypto enthusiasts has been positive. The ecosystem’s transaction volume has surpassed $6 trillion, according to the project’s official Twitter account. Because of this rise, the number of native integrations in the ecosystem rose from 12 to 15.

At this point, it appears that Chainlink may be en route to the proverbial moon. Shouldn’t a price increase coincide with improved metrics? No, not quite. The on-chain stats for LINK don’t look good, according to the statistics provided by Santiment.

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Chainlink Market Cap Down

As of this writing, there has been significantly less progress made on the LINK chain than in previous months. The value of Chainlink’s stock on the market is likewise much lower.

The market cap for LINK on October 2 was $284,961,375, a decline of 78.06% from its all-time high of $1,299,905,978 on September 29, data from CoinGecko show.

A downward trend may be forming. However, at this time, Chainlink’s price is quite volatile on the intraday and 4-hour time frames.

LINK’s historical volatility is rather high, ranging between 64.75 and 50.27, indicating that its price frequently fluctuates between ranges.

The Stoch RSI figures are also falling, although the relative strength index of the coin is quite constant.

Although the coin’s performance indicates a downward trend, LINK HODLers may still have reason for optimism.

Chart: TradingView.com

LINK Investor Confidence Up

According to statistics from CryptoQuant, LINK exchange reserves are currently below average. This may suggest that the coin is not undergoing a significant selling pressure.

This is depicted on the graphs as a price increase. As of the time of writing, LINK is up 2.26 percent on a 4-hour scale.

The price of the coin fluctuates between $7,026 and $6,574. These two support levels are significant, as any breach by the bears might cause a sell-off that pushes the price below $6.

The chart also reveals a head-and-shoulders shape, which can act as a development impediment. However, as of this writing, the token has broken through and is on an intraday and 4-hour upswing.

Considering the current report for the third quarter of 2022, this could indicate a rise in investor confidence.

As the ecosystem continues to flourish, LINK holders should anticipate more good news in the coming days.

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3 years ago

LINK total market cap at $3.5 billion on the daily chart | Source: TradingView.com

Featured image from Pixabay, chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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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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