Chainlink: Traders under zero loss, but why?

Wednesday 12 August 2020, 11:07 PM AEST - 1 month ago

From the world of altcoins, Chainlink or LINK tokens seems completely unstoppable at the moment. In the past few days, Chainlink has risen by 45 percent in the charts, rising from $9.80 to $14.48 on the 9th of August.

As the token consolidates at its all-time high range, we looked into a few developments over the past few weeks to estimate LINKs current ceiling, if there is one at the moment.

CHAINLINK.pngLINK/USD on Trading View

Now, according to recent information from intotheblock, the number of addresses currently in profit for LINK holder is at 100%, which meant there are no traders under a state of loss in the current market scenario.

Skew.jpgSource: skew

Along with it being completely profitable, LINK also seemed to be on its own independent trend. According to skew, Bitcoin shared one of the least correlation factors with Chainlink and Cardano at press time. As shown in the above chart, Chainlink and Bitcoin share a negative correlation, unlike other assets that were at least positive with respect to Bitcoin.

In 2020 alone, the asset has registered over 500% in gains that means, it is undoubtedly one of the top growing altcoins of the year. The dominance was such that on August 9th, Links trading volume has surpassed Bitcoins volume on Coinbase.

glassnode-studio_chainlink-token-number-of-active-addresses-vs-chainlink-token-number-of-non-zero-addresses.pngSource: Glassnode

With such a meteoric rise, doubts about its legitimacy also started to creep in, hence in order to understand Links credibility we analyzed a few other fundamentals.

The above cha ...

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