LINK and BAND increasing together by 20% is a great thing for another DeFi bull run as the rest of the crypto market faced a strong pullback over the past days. For example, Maker shed 9% over the past day so let’s find out more in the latest chain link news today.
There are a few cryptocurrencies that are outperforming such as LINK and BAND that both increased 20 percent gains in the past day alone after the strong retracement. The fund manager in the crypto space said that the recovery is well for the decentralized finance space which bodes well for the rest of the market.
Oracles led the previous leg of DeFi rally on the way up and then on the way down. If today's move in $LINK and $BAND is any indication, the next rally for the broader DeFi space should follow.
— SpartanBlack (@SpartanBlack_1) August 22, 2020
Both LINK and BAND surged by around 20 percent in the past 24 hours after facing strong retracement from the highs they experienced last week. LINK hit a 30 percent correction while BAND experienced a 40 percent drop. Kelvin Koh, a partner at the Spartan Group and former Goldman Sachs partner said that during the move higher, the trend will be useful for the entire DeFi market:
“Oracles led the previous leg of DeFi rally on the way up and then on the way down. If today’s move in $LINK and $BAND is any indication, the next rally for the broader DeFi space should follow.”
It can also be said that DeFi rallying has a strong effect on the rest of the market. It is hard to tell what transpired but analysts attribute Bitcoin’s shoot higher at the end of July and the start of August to the strong maturation of the DeFi sector which sparked an influx of interest on the market. Both altcoins have fundamentals suggesting they will continue to increase. For Chainlink, the asset saw a spike inactive addresses which imply an increase in investors on the market as Santment reported:
“$LINK hit an all-time high yesterday in daily active addresses. This came in tandem with an #altcoin decline that sent it down to $13.49. Now back at $16.10, the classic bullish divergence that formed from an ATH in DAA is coming to fruition.”
The same company just noted that BAND has seen a strong uptick in social sentiment thanks to the number of partnerships recently. The increase in social media activity for the cryptocurrency shows that there’s an increase in the number of investors that are looking to purchase the coin.
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