How Chainlink Has Rallied 20% in September

The ChainLINK [LINK] network appears to be breaking away from the broader cryptocurrency market, showing signs of independent growth. During September, this asset witnessed a noteworthy 20% increase in its value. Currently, LINK is trading at $7.26, having experienced a 1.4% daily gain. It’s worth highlighting that the past two weeks have been particularly significant for this asset, as it climbed from a low of $6.53 to reach a peak of $7.30. But what triggered this rally?

Numerous factors have contributed to the recent uptrend in this asset. Santiment observed that the level of LINK available on exchanges has been a significant factor. According to the on-chain analytics company, whenever LINK is transferred to exchanges, it has historically triggered positive price movements. Earlier this month, LINK’s supply on exchanges reached a peak for 2023, hitting 17.2%. Furthermore, this supply has now decreased to 16.4%, a development that is generally seen as favorable for any asset.

Source

Furthermore, there has been an increase in the count of new addresses within the ChainLINK ecosystem. Recently, a report from Lookonchain drew attention to a significant upturn in the creation of new ChainLINK addresses. The data revealed that at the present moment, the number of newly established addresses has reached 81.

These addresses have withdrawn a total of over 4.7 million LINK tokens from the crypto exchange Binance. It amounts to a value exceeding $31.5 million. Additionally, when considering the daily tally of unique addresses engaged in activity on the Chainlink network as either senders or receivers, there has also been a notable upswing, with a 41% rise over the past two weeks.

In tandem with this upswing, the Sharpe Ratio of LINK has experienced an increase. The Sharpe ratio is a widely recognized metric for assessing the risk-adjusted returns of an investment or portfolio. Ratios above 1 are typically regarded as favorable, indicating that the investment provides additional returns compared to its volatility. Currently, LINK’s Sharpe Ratio stands at 4.41, reflecting a remarkable 124% surge over the past week. Notably, the asset concluded in August with a ratio of -6.57.

Source

Also Read: 7 Chainlink Integrations Take Place on Ethereum, Base, Polygon

Chainlink has lowered the mandatory number of signatures on the multi-sig wallet from 4 out of 9 to 4 out of 8. This modification establishes a standard security protocol where four out of eight signatures are needed to authorize transactions from the protocol wallet. The community flooded the network with criticism as it discreetly implemented adjustments to its protocol.

Furthermore, a well-known cryptocurrency proponent, Chris Blec, took this up on X. He noted that this multisig has the capability to alter any Chainlink price feed in order to manipulate prices as desired, rendering it entirely centralized. However, the network confirmed that this was part of a periodic signer rotation process.

Also Read: Chainlink, Swift Successfully Transfer Tokenized Value

  • chainlink
  • crypto
  • cryptocurrency
  • LINK

Comments

Post a Comment

Popular posts from this blog

Genesis-Parent DCG Agrees to Settle Creditors' Claims

Image
Earlier this year in January 2023, Genesis filed for Chapter 11 bankruptcy after facing a major liquidity crisis following the collapse of crypto exchange FTX. The recent filing from Genesis parent DCG notes that the bankrupt crypto lender holds liabilities of $630 million in unsecured loans due in May 2023. Additionally, it also has a $1.1 billion unsecured promissory note due in 2032. advertisement As per the in-principle deal, the Digital Currency Group ( DCG ) is looking to undertake new debt facilities along with a repayment agreement. This will include a $328.8 million first-lien facility along with 2-year maturity. Additionally, it will also include a $830 million second-lien facility with a 7-year maturity. The filing notes that DCG is planning to pay a total of $275 million to its creditors in four installment payments. If executed, the proposed plan could lead to anticipated returns of approximately 70% to 90% for unsecured creditors in terms of U.S.
Read more

Silicon Valley Bank Reportedly Deactivates Twitter Account

Image
Following its closure last week, Silicon Valley Bank has reportedly deactivated its Twitter Account. Conversely, Twitter user @DrEliDavid reported the bank’s last post regarding their pride in making Forbes annual America’s Best banks for the fifth consecutive year. Alternatively, the financial institution has been auctioned off by the FDIC today. Subsequently, a purchase of the now-collapsed financial institution could arrive by Sunday night. Thus far, The Bank of London has been the only entity publicly reported to submit an official proposal. JUST IN: Silicon Valley Bank $SIVB reportedly deactivated its Twitter account. pic.twitter.com/vTkk1QK3zk — Watcher.Guru (@WatcherGuru) March 12, 2023 SVB Deactivates its Twitter Account The entire financial sector has been struck with panic, as SVB Financial was closed by California regulators last week. Moreover, the collapse signifies the largest bank failure since the 2008 financial crisis. Conversely, as the proc
Read more

Gemini Foundation, A Non-US Derivative Platform Goes Live

Image
Join Our Telegram channel to stay up to date on breaking news coverage A US-based crypto company, Gemini, has officially launched international derivative trading to serve around 29 countries and territories outside the United States. Gemini Foundation, the much-anticipated non-US derivative platform, has gone live and allows its customers to trade spot and derivative products. However, the new service targets retail and institutional traders, excluding US, UK and EU customers. 1/ We’re thrilled to announce that Gemini Foundation’s derivatives platform is now live with our BTC/GUSD perpetual contract trading across 30 countries. https://t.co/NyQLKhsZYt — Gemini (@Gemini) May 2, 2023 Nonetheless, some of the jurisdictions eligible for the services include Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, S
Read more