Whales have accumulated massive amounts of LINK, contributing to the rise of decentralized oracle service provider Chainlink, according to a report by analytics firm Santiment.
Santiment says the top 200 Chainlink wallets have added $50 million worth of LINK over the past five weeks, helping the altcoin significantly outperform Bitcoin (BTC).
“Chainlink is once again leading the way in the altcoin space, aided by the continued accumulation of top whales. The 200 largest wallets added over $50M worth of LINK in ~5 weeks. In 5 months, its market cap is +143% overall and +93% compared to Bitcoin.
As of this writing, LINK is trading at $16.16, up 10% on the week.
Santiment said Federal Reserve Chairman Jerome Powell’s statement late last week that interest rates would not rise further anytime soon had a positive impact on the cryptocurrency market. According to the company, the fact that Bitcoin (BTC) reacted more positively to Powell’s comments than altcoins is indicative of strength for the cryptocurrency market as a whole.
“Bitcoin scraped almost $39,000 after Jerome Powell announced that the Federal Reserve’s interest rates would remain unchanged for the time being. As a bonus, there is growing interest in BTC instead of altcoins, which indicates enough fear that is usually needed for prices to continue rising.”
As of this writing, BTC is trading at $39,529, about 4% higher than before Powell’s speech.
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