Chainlink Soars, Shifts Bitcoin Cash and Aims at $20 Level

Bittime - Chainlink (LINK) price movementsshot up. On Friday, May 24 2024, LINK price managed to penetrate the $17.70 level (around IDR 283,200) - the highest peak in the last 45 days. 

This price increase was triggered by the buying action of whale investors in response to the approval of the Ethereum (ETH) ETF earlier this week.

Chainlink Outperforms Bitcoin Cash Post Ethereum ETF

Since the green light was given for an Ethereum ETF on May 23, crypto investors have been seen shifting their capital to the ETH market. They are also targeting important projects built on the Ethereum blockchain network. 

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Chainlink itself is known as a market leader providing off-chain price data and other important information. This information is crucial for smart contracts, which are increasingly complex and becoming the main form of digital agreement.

Also read: Get to know more: Chainlink integration on Arbitrum

This situation further emphasizes the importance of LINK for the crypto world and the Ethereum network. The drastic increase in investor ownership of LINK is clear evidence.

Check out the following graph showing a comparison of Chainlink and Bitcoin Cash market caps since the approval of the Ethereum ETF:

Before the SEC decision

On May 22, Chainlink's market capitalization stood at $9.6 billion (around IDR 153.6 billion) - $230 billion behind Bitcoin Cash.

Post ETF approval

Since May 23, LINK price jumped 15% to reach a new monthly peak of $17.77 (around IDR 284,320) on May 24. In contrast, Bitcoin Cash only experienced a 5% increase during that period.

Chainlink Surpasses Bitcoin Cash

As a result, Chainlink's market capitalization has now succeeded in surpassing Bitcoin Cash and has once again touched the $10 billion mark (around Rp. 160 billion). Meanwhile, Bitcoin Cash was still stuck at $9.75 billion (around Rp. 156 billion) at the time this article was written (25 May).

Also Read How to Buy Crypto:

Big Investor Adds $16 Million to Chainlink

Big investor activity towards Chainlink is also a strong indicator of high investor interest in LINK and other crypto projects built on Ethereum.

Also read: ANZ and Chainlink Open Tokenization Potential on the Avalanche Blockchain

Take a look at the following Santiment graph showing changes in LINK token holdings by the 100 largest wallets in real-time:

• Beginning of the week : 100 big Chainlink investors controlled 701.05 million LINK tokens at the beginning of the week (May 19).
• Weekend : As the blue line on the chart shows, big investors quickly accumulated over 1.2 million LINK, bringing their holdings to 702.25 million LINK tokens as of May 25.
• Massive Buying : With LINK's current price of around $17 per token, this massive buying spree means big investors poured in more than $18 million (around IDR 288 million) just this week.

Many large institutional investors are racing to enter the market before the bullish impact of ETH ETFs' entry into the broader Ethereum blockchain ecosystem occurs. This could encourage increased demand from big investors for LINK in the days to come.

Chainlink Price Prediction: Aim for $20 Level

Currently, LINK price is trading at $17 (around IDR 272,000), up 15% in 48 hours. With increasing market liquidity and the tendency of big investors to hold assets for the long term, this week's $18 million buyout could be the start of LINK's price rise towards the $20 target (around IDR 320,000).

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Historically, LINK price currently faces strong resistance around the $17.50 level (around IDR 280,000). At that level, 8,190 active wallets have accumulated 27.9 million LINK tokens.

If LINK price manages to build a strong support base above this level, LINK has the opportunity to return to the $20 region (around IDR 320,000) for the first time since March 2024.

How to Buy Chainlink (LINK) on Bittime

You can buy and sell Chainlink (LINK) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Chainlink (LINK) is available on Bittime with the market pair LINK/IDR. To be able to buy IDR LINK on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Chainlink (LINK) on Bittime. 

Monitor price chart movements of Chainlink (LINK), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Chainlink (LINK) Wins Award from Fast Company, Ethereum Passes!

Chainlink (LINK) Hits Highest Price in a Year, What Will Happen Next?

DTCC and Chainlink Pilot Project: Drive Mutual Fund Tokenization via Blockchain

The Whale's Strategy: LINK Accumulation in the Midst of a Decline, What Does It Mean?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.