Chainlink (LINK) Sees Heavy Shilling, Price Breaks Record Against Bitcoin (BTC)
The Chainlink project is gathering momentum with a vocal community, but the price climb is still risky.
Chainlink (LINK) set out for another rally ahead of altcoins, giving hope of further appreciation in an otherwise undecisive market. LINK also reached a peak in terms of Bitcoin (BTC) prices, becoming one of the few altcoins not to give up its positions to the leading asset.
LINK reached a recent peak at $2.88, extending its gains to above 50% in the past week. Now, LINK is taking a breather, sinking to $2.66 and back on position 15 based on market capitalization. LINK reached as high as position 13, with expectations of becoming a top 10 asset.
LINK traded at 34,799 Satoshi, a peak exceeding the previous bull market in the summer of 2019, when the record was at about 32,000 Satoshi. Later, LINK sank back again toward 30,000 Satoshi.
One of the reasons for the LINK growth is the recently announced staking mechanism. Offering passive income in LINK makes the coin even more appealing. The LINK economy is not yet completed, and a form of passive returns is important for the popularity of the project. LINK also announced it is working closely with SWIFT for a new payment system.
LINK remains highly active on Binance, and is also one of the assets offered on Binance.US. But despite the good fundamentals of the project, LINK is seen as a risky asset, often exhibiting pump-and-dump patterns.
LINK enjoys a robust social media community, which often spreads a message for a much higher market price, lining up with other large-cap assets. However, LINK has also been shown to erase half of its value when the trend turns. In the past months, LINK sank from above $3 to a low around $1.56, before starting the recent recovery.
The behavior of LINK, however, is not seen as an indicator for an altcoin season. The leading assets still remain bound to a tight range, with no significant rallies seen in large-cap coins.
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