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Chainlink Hits Two-Month High with Number of Holders Increasing by 265%

Wed, 11/10/2021 - 14:01
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Arman Shirinyan
Chainlink joins altcoin rally with 66% growth in two months
Chainlink Hits Two-Month High with Number of Holders Increasing by 265%
Cover image via stock.adobe.com

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While the cryptocurrency market has been continuously rallying for several weeks, "old players" are getting attention from investors and traders. Previously, Litecoin surprised the market with a 40% pump, and now Chainlink is breaking through its two-month high with the support of an increasing number of holders.

According to on-chain data, more than 158.9 thousand addresses have now been holding LINK for more than a year. Usually, on-chain data services track the overall number of wallets and their growth rates, but in this case, only wallets that held coins for more than a year have been counted.

By looking at the number of long-term holders, investors are able to determine the overall sentiment on the market toward specified cryptocurrencies.

The average time held by the mentioned wallets is currently 3.8 years. In total, those wallet addresses hold 691 million LINK coins. In the last 30 days, the number of wallets has increased by 3%.

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Currently, the majority of Chainlink holders remain "In the Money," which means their holdings are unrealized profits. Only 9% of holders are "In the Money," or simply just opened their positions and are breaking even.

At press time, LINK is trading at $36 with 6.5% daily growth. Additionally, Chainlink has been moving up for the last 50 days, which resulted in 66% total growth.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.