With Bitcoin Stuck in the Doldrums, Altcoins Continue to Rally

Altcoins like Chainlink's link token continue to outshine bitcoin, which is still consolidating above $9,000.

Jul 15, 2020 at 12:55 p.m. UTC
Updated Sep 14, 2021 at 9:31 a.m. UTC

Bitcoin is still consolidating with no clear direction in sight, but some alternative cryptocurrencies like Chainlink’s LINK token and Aave’s LEND are soaring. 

  • Bitcoin, the leading cryptocurrency by market value, is trading near $9,240 at press time, representing moderate losses on a 24-hour basis.
  • The cryptocurrency has spent a better part of the last two months trading the narrow range of $9,000–$10,000.
  • The prolonged consolidation has pushed a key volatility metric to its lowest level since November 2018.
  • A big move could happen soon, possibly on the higher side, as on-chain data is painting a bullish picture. 
  • The seven-day moving average of the number of active bitcoin addresses has risen to a 2.5-year high of 478,669, as per data source Glassnode, likely indicating increased demand for the cryptocurrency. 
  • The percentage of bitcoin that hasn't moved in a year also jumped to a new record high of 62.12% on Tuesday – a sign of strong investor confidence in the cryptocurrency's long-term prospects. 

Total of new bitcoin addresses

Chainlink

  • LINK, an Ethereum ERC-20 standard token used to pay for services on the decentralized oracle network Chainlink, has risen by over 10% in the past 24 hours.
  • LINK is now trading above $8.15, up 78% on a month-to-date basis and up 364% for 2020. 
  • The token seems to be benefiting from the buzz around decentralized finance (DeFi).
  • LINK's trading volume has now surpassed that of Ethereum’s ether token to become the third-most traded cryptocurrency in the last 24 hours, as per Messari.
  • With LINK’s price rising by over 300% this year, all 168,160 addresses currently holding the token are “in-the-money” or making a profit on their investments, according to IntoTheBlock, a blockchain intelligence company. 

Aave

  • LEND token, the native cryptocurrency of the decentralized lending platform Aave, and decentralized technology platform Ontology’s ONT token have also gained over 10% in the past 24 hours.
  • Aave’s LEND token has increased by over 1200% so far this year due to a rapid increase in usage since the launch of mainnet in January. 
  • As reported Monday, altcoins in general are performing well while bitcoin languishes.
  • The FTX exchange's index of 50 low-capitalization cryptocurrencies, the so-called Shitcoin Index, is up 111% so far this year.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

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