Chainlink’s link token, driven by the increased popularity of decentralized finance (DeFi), has surged past bitcoin, becoming the most traded cryptocurrency of the past 24 hours on Coinbase Pro, the biggest crypto exchange in the U.S.
Surging open interest in crypto derivatives suggests investors are seeking alpha in other investments, like bitcoin, said the co-founder of an index fund provider.
Bitcoin investors look to have shrugged off Sunday’s sudden $1,400 price crash.
Bitcoin’s sudden price drop triggers long-squeeze across major exchanges.
Bitcoin’s price jumped to fresh 11-month highs on Friday with the options market betting on a sustained bull move.
Aave’s LEND token is the day’s top performer among cryptocurrencies with at least $100 million market capitalization.
Even with ether close to yearly highs, profitable addresses have more than doubled since last July.
Bitcoin’s rally looks overstretched, according to a technical indicator, but short-term price consolidation looks more likely than a drop, say analysts.
The flow of bitcoin and stablecoins in and out of cryptocurrency exchanges observed on Monday suggests the latest price breakout may persist.