Chainlink (LINK) Wallet Surge Signals Crypto Market Optimism

Recent data obtained from a reputable firm specializing in crypto analytics reveals a significant upsurge in the quantity of substantial Chainlink (LINK) wallets.

These wallets, containing a minimum of 1,000 LINK, have spiked to a record high, reaching a staggering 27,152 as reported over the past weekend.

📈 #Chainlink has jumped all the way above $12.50 this weekend, crossing this threshold for the first time since April, 2022. The amount of wallets that hold at least 1K $LINK (currently worth $12,150 or more) has hit a new #alltimehigh of 27,152 wallets. https://t.co/yQ87RNZCPv pic.twitter.com/ZIBixZWP8D

— Santiment (@santimentfeed) November 5, 2023

The increase in the number of these large LINK wallets coincides with a remarkable surge in the value of LINK, the native asset of the Chainlink project, soaring to its highest point in the last 19 months.

Chainlink, an entity functioning as a decentralized oracle provider, has seen its native asset, LINK, surpass the $13 mark on Monday, marking a price level not observed since April 2022.

Presently, LINK is trading at $13.07, reflecting an increase of nearly 8% in the past 24 hours and a notable surge of over 72% throughout the last month. This puts LINK in the 13th position among cryptocurrencies by market capitalization.

There is speculation among analysts that the upward trend for LINK might be just beginning.

Some believe that concerns about potentially missed opportunities to invest in LINK may not hold weight in the long run, as the current price range might appear trivial in the context of future market growth within one to two years.

Apart from the surge in LINK holdings, the analytics firm also notes an increase in holdings of XRP in wallets containing between 100,000 and 1 billion units. These wallets are currently at their highest accumulation levels for this year.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.