Chainlink (LINK) values about 40% in the last 24 hours and reached a new historic high.
Without a trace of doubt, today’s spotlight in the cryptocurrency market is entirely on Chainlink (LINK). The price of the token rose by about 40%, reaching $ 8,480 at Binance and destroying any resistance that was in the way.
Chainlink (LINK) takes off
All eyes are focused on Chainlink (LINK), as its price has increased by about 40% in the last 24 hours. The cryptocurrency reached a new historical record (ATH) as it managed to rise to $ 8,480 at Binance.
Since then, the price has retracted, but still increased by 30%, and costs about $ 8.
LINK had already broken its historical record on July 6, and has shown absolutely no sign of slowing down. The apparent reason at the time was that China was presenting its Blockchain Services Network at an opening ceremony of Hangzhou International Blockchain Week.
According to official statements, the network had already established nodes in more than 100 cities across China, making it “the largest blockchain infrastructure network in the world”. Before, the country had declared that it would integrate Oracle Chainlink, which could explain the sudden price boom.
Since then, LINK has been valuing, which, together with the hype surrounding altcoins, could explain this new increase. With this, LINK managed to enter the select group of cryptocurrencies, achieving the tenth place by market capitalization.
At the same time, the rest of the cryptocurrency market remains somewhat stagnant.
As seen in the image above, the majority of high capitalization altcoins are experiencing slight gains and losses in the range of 1% to -1%. Bitcoin’s dominance has increased slightly in the past 24 hours.
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Bitcoin remains stagnant
Bitcoin’s price remains below $ 9,300.
However, prolonged periods of stability like the current one usually end with a radical change.
The amount of turnover is also decreasing. June ended up being the least volatile month for the Bitcoin price since October last year, which further highlights the lack of volatility in the market. In addition, the RSI is also seen to consolidate within a large bearish triangle pattern, and is expected to peak somewhere in the next week.
A massive move in the price of Bitcoin could hurt altcoins. In any case, the area between $ 9,300 and $ 9,400 remains the immediate resistance to be observed. Below, $ 9,000 has become the most substantial support line.