March 29, 2024

LINK price has broken a record and continues to rise

LINK price has broken a record and continues to rise

Chainlink continues its bullish trend that began in July. The popular crypto asset has now updated its historicalto a maximum of $ 13.87 on the Binance exchange with a pullback to $ 12.55.

A surge in trading and a 25% rise in price takes place onamid increased interest in decentralized finance (DeFi). Oracles Chainlink decentralized network provides the infrastructure for many applications and protocols with added reliability. 

LINK price has broken a record and continues to rise

LINK's market cap is now up6th position in the ranking of cryptocurrencies and is estimated at $ 4.83 billion, the trading volume has updated its historical maximum, and the number of daily active addresses exceeded 15,600, setting a new record.

LINK price has broken a record and continues to rise

LINK's sudden uptrend was probablycaused primarily by a decline in short contracts in the futures market. As LINK has continuously grown, its funding rate has remained below 0%, hovering at -0.02%. There were messages on Twitter about the liquidation of several futures positions worth more than $1 million each. At the same time, short positions on the Aave DeFi service were liquidated by more than $20 million. 

Rumors of influence spread in the communityinvestment company Zeus Capital, which is skeptical about LINK. One cryptanalyst named “Light” suggested that Zeus Capital was holding a large short in LINK, which was apparently in danger of being liquidated.

LINK price has broken a record and continues to rise

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