• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
chainlink, bitcoin, crypto, cryptocurrency
Sensei Inu Logo

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

Yashu Gola by Yashu Gola
4 years ago
in Bitcoin, Cryptocurrency Market News, Technical analysis
Reading Time: 2 mins read

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

— ChainLinkJunkie (@Chainlinkjunkie) 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.

 

Tags: bitcoinchainlinkcryptocryptocurrency
Tweet123Share284ShareSend
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. 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.

Related Posts

Ripple XRP SEC

Pro-XRP Lawyer Reveals The Impact Of SEC’s Lawsuit Against Ripple

3 hours ago
‘Uptober’ Hopes Fuel Bitcoin Price Rally, Bitcoin Minetrix Presale Nears $350,000

‘Uptober’ Hopes Fuel Bitcoin Price Rally, Bitcoin Minetrix Presale Nears $350,000

4 hours ago
XRP XRPUSDT XRP Price analysis

XRP Price Bloodbath On The Horizon? Report Casts Doubt On Recent Rally

5 hours ago
Ripple XRP price bull

XRP Price Disappoints: Crypto Analyst Reveals Why He Will No Longer Accumulate

6 hours ago
Chainlink Bear

Chainlink Signal That Preceded Crashes Of 34% Is Back

7 hours ago
Bitcoin BTC price October

Bitcoin News: Analysts Reveal Forecasts For October As BTC Price Pushes Past $28,000

9 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • The Next Bull Run Is Approaching, Follow The Smart Money...

    9 hours ago
  • Index CFDs: Experts Have Conducted A Comprehensive Study In...

    12 hours ago
  • Unbelievable: Tradecurve (TCRV) Skyrockets, Leaving...

    14 hours ago
  • Microsoft’s AI Reveals the Holy Trinity of Profit...

    14 hours ago
  • Investing in Trading 212: Is the Risk Worth the Reward?

    3 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.