ChainLink (LINK) Rose Due to 50-year-old Trader’s Market Buy Mistake on Binance
The asset is one of the active coins on Binance, with impressive recent rallies, but the latest spike may be due to a trading anomaly.
Chainlink (LINK) went through another rally, rising more than 10% overnight, to $0.67. The asset also extended its weekly gains to above 40%. In the past, LINK has enjoyed robust volumes on Binance, with the potential for significant price movements within days.
But this time, LINK saw an anomaly on the markets, due to a rookie trader mistake. A new trader placed a market buy order for 500,000 Paxos (PAX), essentially taking all other orders for LINK, even at outlandish prices of $2.50.
However, LINK is seen as one of the promising networks, with a relatively large community. The Chainlink project is dedicated to offering reliable, tamper-proof data for use within smart contracts. Along with reliable “oracles”, Chainlink also aims to build a tamper-proof payment system.
The most recent LINK rally is also happening during a period where Binance has suspended new deposits and withdrawals. This may raise the expectations of an organic rally based on local traders.
LINK has its most active trades against Bitcoin (BTC), but on Binance, the coin is also trading against the most active stablecoins, including Tether (USDT), but also Paxos (PAX), TrueUSD (TUSD), USD Circle (USDC). It was the LINK/PAX market that was illiquid enough to be affected by the order. More than 83% of all LINK trading is concentrated on Binance.
LINK set dollar records above $1.28, and in BTC terms has reached above 14,000 Satoshi. The current rally is around halfway to both peaks. Currently, the BTC markets are dominating, but with more expectations of an altcoin rally. LINK has been one of the more liquid coins on Binance, showing robust growth despite the bear market, along with Ravencoin (RVN).
In the case of LINK, trading in Satoshi prices is where the price setting is happening in the most influential manner:
As LINK prices approach 10,000 Satoshi, there may be selling pressure to potentially reverse the trend.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.