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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

Chainlink (LINK) Steals Bitcoin’s Thunder, Sets Historic High as Crypto Market Bleeds

Yashu Gola
Yashu Gola
5 years ago
2 mins read
chainlink, bitcoin, crypto, cryptocurrency

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The Chainlink’s crypto token hit a new record on Wednesday even as its top rivals continued to underperform amidst a gloomy market outlook.

Dubbed as LINK, the eleventh-largest cryptocurrency climbed 27 percent this week to establish an all-time high of $4.92. It performed similarly well against bitcoin, rising by more than 22 percent to 55,683 sats to become one of the leading risk/reward assets in both the dollar and crypto-denominated markets.

chainlink, bitcoin, crypto, cryptocurrency
Chainlink’s LINK token hits ATH despite crypto meltdown | Source: TradingView.com, Binance

Elsewhere, other cryptos remained pressured by the market risks associated with the rising of the Coronavirus epidemic.

Bitcoin, the leading cryptocurrency, rebounded by 2.67 percent since Monday after closing last week at a loss of more than 15 percent. Similarly, Ethereum’s Ether and Ripple’s XRP each surged by 1-2 percent, showing a clear lack of upside bias in their respective markets.

“M” a Bull

Chainlink’s latest gains appeared to have originated from a rumor that the blockchain platform is going to make a “huge announcement.”

Community members claimed that Chainlink’s foundational team is closed to signing a big deal with a company whose initials start with the letter ‘M.’ That left the social media open to different interpretations, with some claiming that M stood for Microsoft, a technological giant with a history of experimenting with the blockchain technology.

little birdie told junkie there is a HUGE anouncement for $link tomorrow and it begins with 'M' #Chainlink

— Junkie 👁️🐸👁️ (@kingjunkie1st) March 3, 2020

The amusing nature of Chainlink’s fundamental made its intraday price rally appear ‘unsustainable.’ It left the token under the stress of profit-taking, wherein traders decide to exit their long positions for an interim gain. At the same time, the arrival of an actual big announcement raised hopes for a bullish continuation in LINK markets.

“If we get big news tomorrow, #Chainlink will increase just like it did in June from the Google announcement,” tweeted a community member. “It would be unreasonable not to see $LINK hit $8-10 if this announcement is similar.”

Chainlink Bubble Woes

Chainlink’s gains attracted enthusiasm within the community, but some analysts still expressed worries about the absence of solid fundamentals behind it.

Full-time trader Anondran admitted that he is impressed by LINK’s “insane” price rally against bitcoin, but compared it with an overbought financial bubble that could pop anytime.

$LINK officially up 50x in BTC from its ATL. Honestly I'm impressed by its insane performance.

Can someone stop this bubble? pic.twitter.com/8QbD194Tfl

— Anondran (@AnondranCrypto) March 3, 2020

On a technical front, LINK was trading close to its overbought territory, according to its Relative Strength Index readings. That left many opportunities for traders to take the profit and find more support-floors to long LINK (the closest one is $4.10)

Overall, at its all-time high, the crypto token is without a historical resistance. Let’s see how the “M” factor plays out.

 

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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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

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