Chainlink’s investor base has increased by 100% from the start of this year as its momentum showed some slight signs of slowing down from reaching a fresh all-time high. Let’s find out more in the following LINK news today.
The slow-down of the momentum doesn’t mean that LINK marked a rejection but it did face slight resistance above the current price level which eventually slowed the advancement of the coin. As for what can be the reason for this bullish price action, the on-chain data suggests that Chainlink’s investor base saw huge growth over the past few months. This growth coupled with the news of recent integrations including the new partnership with the Chinese Blockchain Services Network which will use Chainlink’s oracle technology to boost the security and efficiency of the transactions.
2019 was a great year for Chainlink as the asset found itself in an intense uptrend that came right after the turbulence started by Bitcoin and then the rest of the crypto market. This uptrend didn’t end this year either as the cryptocurrency continued the massive advance that led it reaching new highs of $5.00 a few weeks ago. The mid-March meltdown seen when BTC crashed to $3,800 from the previous $8000, kicked Link a little but the price outlined a strong rebound. Over the past week, LINK was able to retest its all-time highs.
Its intense uptrend seems to be backed by the robust increase of investors. The data from Glassnode shows that the number of investors has been climbing steadily from the start of the year. They noted an increase of 160,000 addresses that hold LINK, and that the number increased by 100% since the start of the year:
“The number of LINK token holders continues to see a steady increase in 2020. There are currently more than 160,000 addresses holding LINK – an increase of 100% since the beginning of the year.”
Retail investors are not the only ones that are driving the uptrend. Research platform Santiment revealed that there is an increase of high-end token investors that hold between 100K and 1M tokens. based on the current price, this translates to $478K and $4.78M:
“There are a rising amount of high-end holders of LINK that hold between 100k and 1m tokens. This chart translates to holders with current USD values of $478,000 to $4,780,000.”
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