Altcoins
Crypto whales are accumulating this altcoin amid the cryptocurrency market crash
The cryptocurrency sector has been on a downturn in recent weeks, driven by waning mid-term optimism. As for the price of Chainlink (LINK), the altcoin has fallen more than 21% over the past four weeks to hover around $14.33 on Wednesday, during the first session in London.
However, the outlook for the cryptocurrency sector is expected to improve soon as more investors enter the sector. The Fed is expected to remain accommodative in the coming quarters as inflation eases amid the upcoming general elections, suggesting inevitable interest rate cuts. Additionally, European and Canadian governments have already initiated interest rate cuts.
Chain whales in motion
According to on-chain data analysis provided by Lookonchain, 54 new Chainlink wallets have withdrawn 2.08 million LINK, worth approximately $30.28 million, from Binance in the last seven days. The Chainlink ecosystem has become a vibrant ecosystem supported by both institutional investors and retail traders.
According to on-chain data, the Chainlink network has over 720,000 holders with non-zero balances.
Growing ecosystem
The Chainlink network provides crucial oracle data to smart contract and Web3 developers. As a result, more and more institutional investors looking to build Web3 projects involving the tokenization of real-world assets (RWA) have been leveraging the Chainlink network.
Additionally, Chainlink’s CCIP is already being used by dozens of institutional investors looking to build scalable and interoperable applications. In the latest adoption, the company announced that Fidelity International and Sygnum have partnered with Chainlink to provide on-chain NAV data for Fidelity International’s $6.9 billion money market fund.
Expectations for midterm exams
Chainlink price has been stuck in a weekly megaphone consolidation since the beginning of this year, while Bitcoin price has reached its all-time high. According to popular crypto analyst Michaël van de Poppe, LINK price is poised for a major bull run in the short term.
Additionally, Bitcoin’s weekly dominance signaled an inevitable reversal, which will trigger the much-anticipated altcoin season.