Chainlink (LINK) and several other altcoins are showing signs of a continued surge, according to a prominent analytics firm, Santiment. Robust bullish on-chain data readings underpin this surge.
In the case of Chainlink, Santiment reveals that this decentralized oracle network is currently on a rally, primarily driven by a surge in unique address activity. In the last 24 hours, the number of unique LINK addresses interacting on the network reached an impressive 3,964, marking its highest level in two months. This remarkable increase in activity suggests growing interest and engagement with Chainlink.
Furthermore, the analytics firm suggests that Chainlink could experience even more significant rallies if market participants remain relatively indifferent to the altcoin’s performance. As LINK has surged to $7.08, it has attracted less social volume, indicating that more projects are flying under the radar. At the time of writing, LINK’s price has risen to $7.22, an impressive 18% increase from its seven-day low of $6.09.
Santiment is not only focused on Chainlink but is also closely monitoring the performance of other altcoins. The decentralized application (DApp) platform Loom Network (LOOM), decentralized finance (DeFi) aggregation layer Frontier (FRONT), and layer-2 blockchain ImmutableX (IMX) are among the standout performers in recent times. According to Santiment, these three altcoins have outperformed the broader crypto markets, driven by increased adoption.
Loom Network has witnessed a staggering 145% growth, Frontier a notable 138% surge, and ImmutableX a respectable 29% increase in the past week alone. This growth is linked to the significant expansion of their respective networks as new addresses continue to be created. If this trend persists, these altcoins are expected to continue their impressive rallies.
Turning our attention to Bitcoin, Santiment’s data reveals some interesting insights. The number of addresses holding less than 100 BTC has reached an all-time high, collectively owning 41.1% of Bitcoin’s available supply. This suggests a growing interest among smaller investors. However, it’s worth noting that whales, entities holding between 100 and 100,000 BTC, have been offloading Bitcoin since June, indicating a shift in ownership dynamics.
As of the latest data, Bitcoin is trading at $26,641, reflecting the ongoing volatility in the cryptocurrency market. These insights from Santiment highlight the dynamic nature of the crypto space, where altcoins like Chainlink and others are poised for potential surges while Bitcoin undergoes shifts in ownership dynamics. Consequently, investors and traders should closely monitor these developments to make informed decisions in this ever-evolving landscape.
