The rate at which new active addresses are growing daily on the Chainlink database has more than doubled as the asset recently recorded 143% growth in just three months. Now, support of $23 seems to have been established. Also, there is the likelihood that another support is already forming at $24. Meanwhile, there is a high probability that the network will continue its uptrend the current week. A report by Santiment says the Chainlink network has grown faster than it had grown three months ago. This can be confirmed by the new active addresses increased by 143% higher in the network’s daily report.
Daily Activities has risen by 143%
The Santiment team clarified the sudden progress that the Chainlink network has been witnessing in the statement below. Chainlink’s network growth keeps soaring higher. Currently, the active addresses the network has recorded daily have more than doubled as it now stands at 143% more than the 2188 three months back. The number almost reached 10,000 last week
The fact is that the direction of Bitcoin largely determines the future of virtually all altcoins. The correlation between Bitcoin and altcoins is akin to Metcalfe’s Law, one of the principles expounded by an analyst where he views LINK as a reasonably valued asset, unlike Bitcoin Ethereum that are prone to excessive volatility. He explained the theory using some charts to back up his explanation.
The LINK network boasts o9.5 market capitalization, and the asset has now overtaken Litecoin as the 7th most-valued cryptocurrency. Besides, LINK has risen by 100% in the past year. It is noteworthy that fundamental factors support the rally by this asset.
Chainlink’s growth is attractive to institutional investors
The continuous growth of Chainlink’s daily active addresses backed by the above analysis on the comparison between Chainlink and Bitcoin/Ethetreum suffices as proof that LINK’s bullish momentum is still as strong as ever despite hitting its record level of $25. As of press time, the LINK is worth $24.40. Besides, the LINK has the strong support of $23. If the digital assets sustain the current support without dipping below that level, it is safe to conclude that LINK still has a positive outlook and prospect to rise higher.
As said earlier, the reality is that the direction of Bitcoin somewhat determines the future of virtually all altcoins in cryptocurrencies. If Bitcoin can maintain the $30,000 support this week, it indicates that there is room for altcoins, and of course, Chainlink to rise. Otherwise, the coast might not be exact. Like other cryptocurrencies, LINK began the year with outstanding success. Even though the general crypto market is somehow quiet, LINK rose by 15% yesterday to $24.30, a record level.
Suppose we presume that at least 80% of blockchain apps require oracles for proper functioning, and about 80% of the apps on every blockchain network prefer Chainlink oracles. In that case, we are right to view Chainlink as the most valuable blockchain.
Institutional investors appear to be getting attracted to the Chainlink network. It was reported that Grayscale is considering adding LINK to its list of crypto assets. Before now, Google and other tech companies have been using Chainlink oracles to channel the off-chain data to various blockchain networks. Besides, the expansion of the DeFi market has made Chainlink the preferred decentralized application.