LINK Price Rally Continues to $15 Amid Historical Chainlink Accumulation
Crypto News

LINK Price Rally Continues to $15 Amid Historical Chainlink Accumulation

3m"
7 months ago

Chainlink has been absolutely unstoppable in its recent rally with the LINK price shooting another 10% to $14.85 as of press time. Interestingly, the LINK price has surged close to $15 for the first time in 19 months. With this Chainlink has extended its weekly gains to 25% and m...

LINK Price Rally Continues to $15 Amid Historical Chainlink Accumulation

Mục lục

Chainlink has been absolutely unstoppable in its recent rally with the LINK price shooting another 10% to $14.85 as of press time. Interestingly, the LINK price has surged close to $15 for the first time in 19 months. With this Chainlink has extended its weekly gains to 25% and monthly gains to a staggering 90%.

On-chain data provider Santiment reported that the remarkable surge of Chainlink shows no signs of slowing down, with the 12th largest cryptocurrency by market capitalization continuing to outpace the rest of the crypto sector. Dormant tokens are entering circulation, and wallets holding 10,000 to 10 million $LINK have historically been accumulating.

Courtesy: Santiment
Analysts have already started giving free Chainlink price targets of $20. However, before that, the LINK price faces a crucial resistance at $18. Amid this mammoth price rally, the altcoin has climbed multiple ranks over the past few weeks and is now the 12th largest cryptocurrency with a market cap of just over $8 billion.

Growing Institutional Participation

Interestingly, there’s a strong sign of growing institutional participation in Chainlink during this current rally. GLINK, shares in Grayscale’s Chainlink Trust, have surged to a staggering 200% premium compared to the spot LINK markets.

Over the past week, prices of Grayscale Chainlink Trust (GLNK) have skyrocketed by almost 100%, closing at $44 as of date, a substantial increase from the October 31 level of $21. Notably, each GLNK share represents only $12 worth of LINK, making it nearly three times more expensive than the actual value of the assets it holds.

The substantial spread was initially brought to the attention by ChainLinkGod, a prominent influencer and Chainlink community ambassador, on November 7. The data illustrates that the spread between GLINK and LINK has expanded from around 100% to 200% during the recent Chainlink rally.

The significant difference between GLINK and LINK prices is attributed to the doubling of the total value locked in GLINK, reaching approximately $4 million. CoinShares reported that the product has attracted $2 million worth of inflows in the past seven days. It’s essential to note that Grayscale Trust’s shares are securities, and access to them is exclusively available to sophisticated investors. ChainLinkGod added:

“While the AUM of $GLNK is only ~$4M, it’s interesting nonetheless to see the demand spike on a product geared towards institutional investors”.

0 people liked this article

Related Articles

Crypto News
Terra Vs. SEC: Do Kwon Receives Shocking Response From Regulator
In the ongoing legal battle between the US SEC and Terraform Labs, the regulator has declared its decision to deny the latter’s motion for the dismissal of the lawsuit. SEC Denies Terra Form’s Dism...
7 months ago
3m"
Crypto News
WBS Dubai: Crafting Tomorrow’s Digital Landscape
Date and Day: The 26th global edition of the World Blockchain Summit, held in Dubai, recently concluded as a resounding success leaving the attendees with enthusiasm and excitement for the future o...
7 months ago
5m"
Crypto News
SEC chair’s nod to a lawful FTX revival sparks FTT token’s 90% rally
FTX’s native token FTT surged by almost 90% in the past 24 hours to a nine-month high of $2.33 following the SEC Chair Gary Gensler’s suggestion that the insolvent exchange could be revived under t...
7 months ago
3m"
Crypto News
GameDriver Partners with KiwiQA to Enhance Video Game Testing
MARTINEZ, Calif.–(BUSINESS WIRE)–GameDriver® Inc., the leading automated testing solution for gaming and XR experiences, and KiwiQA, a leading provider of software testing and quality assurance ser...
7 months ago
4m"
Crypto News
Celsius to exit bankruptcy and restart as creditor-run Bitcoin miner
Celsius Network is revamping into a Bitcoin mining company, promising customer repayments and an exit from bankruptcy.
7 months ago
3m"
Crypto News
From TVL to Token Triumph: SOL Maintains Streak in the DeFi Market
Solana's DeFi and SOL price surge, as TVL hits $442M, signaling trust and bullish market trends. Read more on CT.
7 months ago
1m"