Chainlink Registered Annual High – Bitcoin and Ethereum Saw an Upward Trend

According to many observers, the introduction of Bitcoin ETFs in the USA is only a matter of time. Against this backdrop, Bitcoin (BTC) has now traded above $34,000 for six days in a row, recouping all losses since May 2022. In this positive mood, Chainlink (LINK) turned out to be the altcoin of the moment last week. Over the weekend, Chainlink was able to improve again and broke the $11 mark, which is a high for the year.

Chainlink, as the leading oracle service for the crypto industry and beyond, has felt a significant tailwind in recent months with the successful launch of its Cross-Chain Interoperability Protocol (CCIP). This could also play a key role if Bitcoin ETFs come onto traditional stock exchanges. The US clearinghouse Depository Trust & Clearing Corporation (DTCC) is already integrating Chainlink ICCP.

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Chainlink investors should still be cautious

Anyone who is currently considering investing in LINK should keep in mind: Even though Chainlink has now increased by more than 100 percent since June and is heading for a place among the ten most important cryptocurrencies in the world – LINK is from its all-time high in May 2021 remains almost 80 percent removed.

This looks different for the number one altcoin, Ethereum (ETH). Ethereum is “only” 63 percent behind its all-time high from November 2021. With current price levels of around $1,800, Ethereum cannot record an annual high, unlike Bitcoin and Chainlink. For ETH, hopes for impetus for the price curve are pinned on the Dencun upgrade, which will apparently be delayed until next year.

Conclusion: The crypto market is sorting itself out in advance of possible Bitcoin ETFs

When you look at the current crypto charts, the wheat seems to be separated from the chaff. Almost only altcoins that, like Chainlink, have a clearly defined monetary application field can keep up with the upward trend in the reserve currency Bitcoin (BTC). 

Prominent and capital-rich altcoins such as Cardano (ADA) and even Ripple (XRP),  on the other hand, are finding it difficult to develop momentum because, despite massive promotional measures, there is no evidence of their monetary usefulness. If experience confirms that a Bitcoin boom is also followed by an Altcoin boom with a time delay, this selection process is likely to continue.

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(Featured image by Kelly Sikkema via Unsplash)

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