Altcoin
Crypto Whales Are Accumulating This Altcoin Amid Crypto Market Crash
The cryptocurrency industry has been reeling amid waning medium-term optimism in recent weeks. As for Chainlink (LINK) price, the altcoin has fallen more than 21 percent in the past four weeks, settling around $14.33 on Wednesday during the early London session.
However, the outlook for cryptocurrencies will soon improve as more investors enter the sector. The Fed is expected to remain dovish in the coming quarters as inflation eases ahead of the upcoming general election, signaling inevitable interest rate cuts. In addition, the European and Canadian governments have already initiated interest rate cuts.
Chainlink Whales on the Move
According to on-chain data analysis provided by Lookonchain, 54 new Chainlink wallets have withdrawn 2.08 million LINK, worth approximately $30.28 million, from Binance in the past seven days. The Chainlink ecosystem has grown into a dynamic ecosystem supported by both institutional investors and retail traders.
According to on-chain data, the Chainlink network has over 720,000 holders with non-zero balances.
Growing Ecosystem
The Chainlink network provides crucial oracle data to web3 and smart contract developers. As a result, more institutional investors looking to build web3 projects involving the tokenization of real-world assets (RWA) have tapped into the Chainlink network.
Additionally, Chainlink’s CCIP is already being used by dozens of institutional investors looking to build scalable and interoperable applications. In its latest adoption, the company announced that Fidelity International and Sygnum have partnered with Chainlink to provide on-chain NAV data for Fidelity International’s $6.9 billion money market fund.
Medium-term expectations
Chainlink price has been stuck in a megaphone weekly consolidation since the beginning of this year, while Bitcoin price has surged to its all-time high. According to a famous cryptocurrency analyst, Michaël van de Poppe, LINK price is on the verge of a major bullish turmoil in the near term.
Furthermore, Bitcoin’s weekly dominance has signaled an inevitable trend reversal, which will trigger the long-awaited altseason.