Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => Chainlink Forum => Topic started by: Gostudio on January 24, 2021, 09:02:25 AM
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Chainlink and Aave soared to a new all-time high as Bitcoin bulls struggle to hold BTC price above $32,000.
Aave and Chainlink hit new highs as Bitcoin price fights to hold $32KMARKET UPDATE
Bitcoin (BTC) price opened the weekend trapped within the $33,500 to $32,000 range but at the time of writing the digital asset is struggling to hold above $32,000.
A few analysts have warned that the recent price loss of momentum may be a sign of ‘institutional exhaustion’ as selling pressure from Asia has increased since Jan. 19.
Despite Bitcoin’s current downtrend, some institutional investors are sticking to their prediction that BTC price will reach $100,000 before the end of 2021. This suggests that institutions are buoyed by rising investor sentiment and the new proposals for a Bitcoin ETF.
BTC/USDT 4-hour chart. Source: TradingView
While Bitcoin still faces resistance around the $33,000 level, on-chain analyst Willy Woo sees one potentially positive development for BTC. Woo said that the Bitcoin Spent Output Profit Ratio (SOPR), a metric that shows the profit ratio of BTC by dividing the price sold by the price paid, had “a touchdown”.
According to Woo there was a:
“Full on-chain SOPR reset. Coins moving between investors per hour (24h MA) no longer carry profit on average. To push SOPR lower, investors would have to be willing to sell at a loss.”
Bitcoin adjusted SOPR. Source: Glassnode
Woo also suggested that investors are less likely to sell at a loss, an early signal that Bitcoin could be close to finding a bottom.
Altcoins and DeFi tokens soar
DeFi tokens and altcoins continued to forge their own path as Bitcoin searched for support. Polkadot (DOT), AAVE, Curve DAO Token (CRV) and Sushiswap (SUSHI) all rallied roughly 5% to 7%.
The surge in the price of many DeFi-related tokens has in large part been the result of an increase in DEX activity. Data from Dune Analytics shows monthly DEX volumes have increased since July 2020 and currently the total value locked in DeFi is at $23.89 billion.
Monthly DEX volume by project. Source: Dune Analytics
Chainlink (LINK) continued its strong rally, setting a new all-time high at $25.50 and surpassing Litecoin (LTC) in terms of total market cap to become the seventh-largest project listed on CoinMarketCap. Aave price also broke to a new all-time high at $229.39 and the total value locked in the platform is $3.44 billion.
The overall cryptocurrency market cap now stands at $936.8 billion and Bitcoin’s dominance rate is 63.5%.
https://cointelegraph.com/news/aave-and-chainlink-hit-new-highs-as-bitcoin-price-fights-to-hold-32k
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Lets see what happens in the coming days if the Aave and chainlink will still mantain there stand In the crypto market as bitcoin also growing in its pinnacle in dominating the whole market, I think the reason why Aave token and chain link is hiting all time high as bitcoin is holding ground for $32 000 dollar is because is a Defi project and they are expected to do more in the months to come.
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Yes chainlink hit all time high link is so strong project in future this good investment coin it will touch 100$ easy in feb end for that buy it and hold it am also holder about 100 link coin am not selling it about 1 year team behind is good in future this coin will give huge profit.
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The price change from Chainlink is truly extraordinary and I am also amazed by the increase in Chainlink coins.
But I also think that after the price increase there must be something called a decline and I think that the decline in price from Chainlink is also a result of the decline in Bitcoin prices.
Maybe we take more profit for all the altcoins when the price goes up and that is a wise choice in my opinion.
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The overnight improvement of chainlink I have seen in the cryptocurrency market. Because its price was once much lower. At present the price is beyond the reach of small investors.I think cryptocurrency holders, especially those who believe in link defi projects, are much more profitable
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It is very feasible for Chainlink to be able to continue to the All Time High point because Chainlink is extremely interesting to continue to trade.
Chainlink has a very complex function and it is certain that everyone will continue to have this because of the uniqueness that Chainlink has and this will definitely continue to shine whenever Chainlink wants.