The large transactions numbers on Chainlink increased more than 15 times this year according to the data from the crypto analytics company IntoTheBlock. Following our latest Chainlink news today, we can see that the LINK price reached an all-time high last week and the chain metrics skyrocketed.
The data from IntoTheBlock shows that the large transaction number on Chainlink increased more than 15 times in the past three months which matches the growth seen in the number of active addresses on the network. LINK was on a roll in the past few weeks which saw an unprecedented rise since it capitulated in mid-March during the downturn. Aside from gaining an excess of 400 percent as LINK also saw a huge increase in use.
The data from the crypto analytics company IntoTheBlock showed that Chainlink recorded the largest numbers of transactions much greater than $100,000 since 2019. On July 13th the network recorded 300 large transactions which mark 1500 percent since the start of the year. Given the fact that the large transaction volume on Chainlink remained the same when the price reached its all-time high, the phenomenon could be explained by the influx of new users to the network. The latest price rally is not backed by speculation as the network has been its stable on-chain metrics gained a huge amount of strength since March.
This could mean that the year-to-date 400% increase won’t be followed by the steep consolidation and that LINK could spend most of the year above the current $8 level. This theory is backed by the number of new addresses and active ones that skyrocketed. The data from IntoTheBlock showed that there were more than 9500 active addresses on Chainlink. On the same day, the network recorded about 4590 new addresses. This shows that the Chainlink network grows at a steady pace while the overall number of addresses is growing and the more important metrics are the one that shows the increase in the active addresses number.
The Chainlink trade volume on crypto exchanges has been on a steady increase over the past few days as the LINK price was the second most traded digital assets on the Gemini exchange. A similar price movement was achieved on Kraken by Link for a second day and the LINK perpetual contract on FTX was the highest traded contract before Bitcoin’s. LINK’s price increase in the crypto markets has been stopped by the Twitter hack. Over the past two weeks, Chainlink has been the top performer with the digital asset breaking several all-time high values with the recent one being $8.74 according to Coinmarketcap.
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