Summary: The Chainlink (LINK) price has surged above the $16 mark for the second time in less than a month. The recent price jump has been attributed to on-chain data revealing substantial token purchases by the cryptocurrency’s biggest wallets.

The LINK price appears to be gaining bullish momentum after a period of consolidation. Despite recent sluggishness, the cryptocurrency has managed to maintain its profits and stay above the $14 level in the past few weeks.

Recently, the LINK price surpassed the $16 mark for the second time in less than a month, leaving many wondering about the driving force behind this latest surge.

On-chain data revealed by Santiment suggests that the surge in LINK’s price is due to substantial token purchases made by the cryptocurrency’s largest wallets. According to Santiment’s data, the top 200 wallets accumulated more than $50 million worth of LINK tokens in approximately five weeks, indicating a significant accumulation trend among Chainlink whales.

Furthermore, it was disclosed that the 200 largest Chainlink addresses collectively hold a substantial amount of LINK tokens, which accounts for nearly 75% of the cryptocurrency’s total supply. This accumulation trend among large investors signifies confidence in the asset and its potential for price growth.

As of the time of writing, the LINK token is valued at $16.11, reflecting a nearly 2% increase in the last 24 hours and a more than 7.5% jump in the past week, as reported by CoinGecko. Additionally, Chainlink has outperformed Bitcoin by over 93% in terms of market cap over the past five months, showcasing remarkable performance amid Bitcoin’s positive run.

Despite the commendable performance, Bitcoin maintains its position as the leading cryptocurrency in the market with a market cap of $772 billion, whereas LINK holds the 12th position with a $9 billion market capitalization.

FAQs

Q: What has driven the recent surge in the Chainlink (LINK) price?
A: The recent surge in the LINK price has been attributed to on-chain data revealing substantial token purchases by the cryptocurrency’s biggest wallets, indicating a significant accumulation trend among Chainlink whales.

Q: How does Chainlink (LINK) compare to Bitcoin in terms of market cap performance?
A: According to data provided by Santiment, LINK has outperformed Bitcoin by over 93% in terms of market cap over the past five months, displaying remarkable performance amid Bitcoin’s positive run.

Q: What is the current market capitalization of Chainlink (LINK)?
A: Link ranks as the 12th-largest asset with a $9 billion market capitalization, while Bitcoin maintains its position as the top cryptocurrency with a market cap of $772 billion.