Grayscale Exploring New Investment Opportunities in 23 Altcoins, Including Chainlink, Polkadot, and Cardano

Grayscale Exploring New Investment Opportunities in 23 Altcoins, Including Chainlink, Polkadot, and Cardano

The digital asset market is a very dynamic one and one in which new products are introduced every day. No one can fully tell which new digital asset will be the next bitcoin or ether but the market is not in want of promising products to invest in. Grayscale, the world’s largest digital asset manager, […]

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Bitcoin Price Touches the $37K Zone, Crypto Economy’s Market Cap Hits $1 Trillion

The price of bitcoin smashed through the last all-time high again jumping above the $37k zone to $37,400 per coin. The crypto asset’s market valuation is around $689 billion at the time of publication, as it has seen $26 billion in trade volume worldwide. Moreover, the entire crypto-economy surpassed the $1 trillion mark on Wednesday […]

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Chainlink up 30% following six-week downtrend and developer selloff

A Chainlink developer address appears to have been offloading tokens and putting downward pressure on prices. But things are looking up.

Following a six week downtrend from its all-time high, LINK has rebounded 30% in the past 24 hours after a reported developer selloff resulted in downward pressure on the oracle protocol token’s price.

The strong rebound in the Bitcoin price, a sea of green among DeFi coins and a new Chainlink partnership announcement have all contributed to the price increase.

Chainlink’s native token had fallen over 60% from its peak of $20 mid-August, bottoming out at crucial support levels around $7.50 on Thursday, September 24. The six week downtrend appears to have been been accelerated by multiple sales of large chunks of LINK from what UK crypto publication Trustnodes reports is the dev address.

This ‘dev address’ has been selling batches of 500,000 tokens, worth approximately $4.8 million per batch at current prices, regularly over the past six months. The frequency of sell-offs increased after LINK hit its all-time high last month. The address shows several outflows to a Binance address but then the trail goes cold.

There are around 26 million tokens remaining in this address, worth an estimated $258 million at current prices.

Image – Etherscan.io

Since its peak, LINK market capitalization has declined from more than $7 billion to around $3 billion currently, however it remains one of the best performing crypto assets this year surging over 1000% from January 1st to its all-time high. At current prices, it is still up 450% since New Year’s day.

The selloff has dropped prices back to a crucial support level and the ‘Link Marines’ appear to have chosen this point to load up again. The $7 to $8 price zone was where LINK held in July before its epic run up to $20. A return to that level this week has catalyzed buying pressure as traders eyed a long overdue bounce yesterday.

That bullish momentum mounted resulting in a surge of 30% in less than 24 hours as LINK prices topped out at $10 a few hours ago. Since then, prices have retreated a little and are currently hovering around $9.80.

Chart – Tradingview.com

The price bump came hours after Chainlink announced a partnership with travel company Travala.com. LINK has been integrated as a payment method on the crypto friendly hotel booking platform and token holders can book accommodation in over 2.2 million hotels and homes in 230 countries.

Bitcoin’s momentum may have also had an effect. The king of crypto is well known for its capacity to move the rest of the market and it too bounced off support at $10,250 with a gain of 5% in push to $10,750 over the past 24 hours.

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Bitcoin Dominance Slides Losing 10% in the Last 100 Days

Bitcoin Dominance Slides Losing 10% in the Last 100 DaysBitcoin’s Dominance Index has slid 10% from a high of 67% on May 10, to a low of 57% today. Despite the defi market shakeout, ethereum still captures 10% of the aggregate market capitalization of $330 billion. There’s been a number of changes in the top ten line up of coins, as bitcoin (BTC) has […]

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Market Update: BTC Inches Toward $12K, ETH Jumps 12%, Report Says LINK May See ‘Rough Waters’

Market Update: BTC Inches Toward $12K, ETH Jumps 12%, Report Says LINK May See 'Rough Waters'Digital currency markets have increased significantly in value during the last 24 hours as the market capitalization of all 5,700+ coins is up over 2.4% on Friday. Bitcoin has been inching toward the $12k region again and ethereum touched a high over $442 a coin during the afternoon trading sessions. Crypto Market Cap Crosses $365 […]

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