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Chainlink (LINK) Massive Bull Run Rallies to Another New All-Time High, Up 700 percent in 2020

Chainlink (LINK) has surged by 52 percent in the past 24 hours, reaching its new all-time-high at $13.8799.

Chainlink’s LINK price declined and showed a correction on Aug. 5, however, the current uptrend has proved to be strong. While LINK has attempted to reach $14, most other altcoins are in the green, meanwhile Bitcoin is hovering around the $11,700 level.

Decentralized oracle network Chainlink’s native cryptocurrency LINK has been one of the best performers in 2020. Chainlink’s price was about $1.73 at the start of 2020, and surged 700 percent in just eight months, with a 60 percent return on investment (ROI) in the past week.

Chainlink managed to climb up the market capitalization ladder, reaching the sixth place on CoinMarketCap. According to crypto analytics company Santiment, Chainlink has reached a record high in active addresses, over 15,600.

Chainlink has been one of the major beneficiaries of the rise of decentralized finance (DeFi) in 2020, as it has been chosen to provide decentralized oracles services to a range of applications.

The crypto community on Twitter was previously worried about a possible dump, as Whale Alert tweeted that 1 million LINK tokens were transferred from an unknown wallet to Binance.

Former NBA player Kris Humphries pointed out that Chainlink had over 45 additional partnerships as of April 7, and said that Chainlink would be influential in transitioning the world to decentralized and blockchain-based systems.

China’s Blockchain Service Network also integrated Chainlink Oracles into its ecosystem. According to Yifan He, CEO of Red Date Technology and BSN co-founder, Chainlink was initially the top choice for BSN; however, the network was convinced by the strength of Chainlink’s community and team.

However, this time, Chainlink (LINK) price surge was potentially due to the squeeze of short contracts in the futures market. In the futures market, funding stayed below 0 percent, while LINK’s price rallied, which indicates that many traders were attempting to short the cryptocurrency.

Cryptocurrency trader Benjamin Blunts commented on the recent Chainlink rally:

“I actually would be inclined to start looking for shorts soon, however, it seems my entire feed is doing the same. so I will wait for another push higher I think, not really interested in standing in front of the strongest, fastest horse right now.”

BTC Price Consolidates at $19,000, Will Bitcoin Reach $20,000 in 2020?

Bitcoin soared to over $19,400 last night, the BTC price coming within relative inches of creating a new all-time high before it fell sharply and is now consolidating under the $19,000 resistance level. Will we see Bitcoin reach $20,000 before 2021?

Bitcoin bulls were in complete control of the market as BTC rallied to over $19,400, along with the top ten altcoins—XRP price notable gained over 50%. While crypto traders were focused on Bitcoin potentially rising to $20,000, the traditional markets also had a good day with Dow Jones rallying by more than 400 points to secure a new all-time high at 30,046. The S&P 500 and Nasdaq followed suit by adding 1.6% and 1.3%.

Since the beginning of November 2020, the world’s combined cryptocurrencies have added nearly $200 billion dollars in global market cap, with Bitcoin (BTC) leading the charge. Bitcoin’s incredible bull run these last weeks is attributed mainly to the increased institutional investment.

In addition, Bitcoin and cryptocurrency prices have also benefited from global central bank stimulus measures and this week investors in the United States and Europe are also waiting to get a clearer picture of whether the Federal Reserve and the European Central Bank (ECB) plan to provide further economic stimulus to combat the resurging COVID-19 cases. The increasing likelihood of further stimulus seems to have provided the market with some confidence.

George McDonaugh, Managing Director and Co-founder of crypto and blockchain investment firm KR1 believes that the current Bitcoin narrative and fundamentals could push the BTC price to new record highs.

McDonaugh told Blockchain.News:

“The narrative from Central Banks around the adoption of digital currencies and major investment institutions diversifying into Bitcoin is driving the current interest and bull market, a narrative we expect to continue in future.”

At the time of writing the Bitcoin price has fallen to $18,926 and given recent market momentum, many crypto traders a predicting it will breach $20,000 in the coming days. McDonaugh explained that this bull cycle is different from BTC’s stellar price run in 2017, and few resistance points remain and there are fewer sellers in the market.

The KR1 Founder said:

“Bitcoin has spent 0.32% of its life at 16k and above, which means there were relatively very few buyers at that level back in 2017. Also space was smaller in terms of participants. This correlates to there being very few sellers at this level now, meaning there isn’t a strong resistance band for the bulls to push the price higher.”

McDonaugh says that the market may see some selling pressure from hardcore hodlers (people holding Bitcoin forever) should the BTC price break $20,000. He said:

“However, $20,000 is a far more a psychological barrier, so it is likely to be ‘hodlers’ (people holding Bitcoin forever) that may derisk at that level and produce some selling pressure. But given the comparatively small delta between where we are now at $16,000 and $20,000, it’s likely hodlers will hold out until Bitcoin gets closer to its all-time high.”

While McDonaugh is optimistic about the Bitcoin price, he admits he does not expect it to break its ATH until early 2021. He said:

“Be warned though, as we’ve seen so many times in the past, Bitcoin can surprise and if going by the cycle trading we’re due a pull-back soon. I expect we don’t reach $20,000 in this current move and consolidate before going again and breaking through in early 2021. That’s how bitcoin has liked to behave in the past.”

The Bitcoin price all-time high of 2017 is debatable. During BTC’s price peak, major exchanges did not reach a consensus and BTC peaked around $19,892 on Coinbase while Binance had listed at $19,799. Rounding up the difference, $20,000 has become known as BTC’s ATH to the common crypto trader.

Bitcoin Price Sets New Record High in 2020, 100% of BTC Wallets are in a State of Profit

Bitcoin has just set a record high today, surging above the $20,000 resistance level and setting a high at above $20,600. The world’s largest cryptocurrency has been able to maintain its price above $20,000 for over an hour, at the time of writing.

As Bitcoin has seen its price rally in the past hour, the amount of liquidations of short positions on Binance has reached $94,293,438, according to crypto analytics firm Glassnode. Bitcoin’s price has hinted at this new all-time high as Bitcoin’s hash rate has been showing strength just a few days ago.

Bitcoin’s realized cap also reached $150 million just a day ago, with a 50% increase since the beginning of the year, and 25% in the past two months alone. Less than a day prior to Bitcoin’s spectacular bull run towards $20,000, Glassnode also noted that Bitcoin’s realized HODL rate has been steadily trending upwards in its 4th cycle, which indicates a bullish long-term picture. Glassnode explained:

“The #Bitcoin RHODL Ratio is on a steady upwards trend in its 4th cycle, painting a bullish long-term picture. Still far away from its 2017 top, it shows that $BTC has room to grow from here.”

As Bitcoin reached above $20,000, setting its new all-time high price, Glassnode data showed that 100% of BTC addresses were in a state of profit. This means that everyone who has been holding Bitcoin has seen a profit because of this rally.

Earlier this year, Bloomberg predicted that Bitcoin’s price could reach double of last year’s high of $14,000, and indicated that the cryptocurrency was headed towards $20,000. As adoption is the primary Bitcoin metric, Bloomberg had an optimistic prediction of Bitcoin’s price, which is now proven to be correct.

With the increased institutional adoption of Bitcoin, following MicroStrategy, Square, PayPal, MassMutual, and recently Ruffer Investment adopting Bitcoin had an overall bullish push for Bitcoin’s price. Every institution that has adopted Bitcoin so far has profited, especially MicroStrategy, which invested before the bull run began.

MicroStrategy has recently also recently announced that it would invest in more Bitcoin, using the proceeds from the $400 million securities offering. MicroStrategy announced that the firm has plans to issue $400 million in convertible senior notes, which is a debt security that can be converted into the company’s shares. The securities would be issued under Rule 144 of the Securities Act, which would only be made available for qualified institutional investors.

Bitcoin Price Records a New All-Time High at Over $28.5K, Wall Street Veteran Bets on Buying Any Dip

Bitcoin’s price has surged to another new all-time high today, reaching over $28,500. The previous time that Bitcoin recorded a new high was on Dec. 27, reaching over $28,300. Bitcoin’s price has climbed by over 4.5 percent in the past 24 hours, and has slightly retraced from its record price, and is now trading at $27,926.

Crypto analytics firm Santiment tweeted earlier today, hinting that Bitcoin has been following its previous footsteps towards the previous all-time high. Santiment’s Bitcoin active addresses indicators have been recording its weekly high, while on-chain transaction volume have shown some high spikes. Santiment explained:

“The #Bitcoin train has been inching back toward Sunday’s recent $28.3k ATH today! Our metrics indicate that $BTC’s active addresses are still hovering around its weekly high, and on-chain transaction volume have shown some encouragingly high spikes.”

Wall Street veteran and CEO of Real Vision Raoul Pal recently commented that many reversionists, value players, and rationalists have been urging caution in Bitcoin. He added:

“However, I think reflexivity here is stronger than they can ever possibly imagine. There will be sharp sell offs on negative new and also on no news but people will hope for even better entry on sharp dips and miss it.”

He also added that perhaps the big test will come from stablecoins and regulations. He further concluded that it is still currently the early days, and the best bet would just to buy any dip. He said:

“And therein lies the problem for all of us who aren’t aiming yet for hyper-bitcoinalisation. Maybe the big test will come from stable coins, regulation or just the wall of fear, or maybe even harder, no corrections. It’s still early days yet however…. too early for a plan except buy any dip. Same for ETH. Maybe even more so…”

Crypto on-chain analyst Willy Woo commented on Raoul Pal’s thread on Twitter, showing what mean reversion looks like for Bitcoin’s market tops. Woo further explained that during this bull cycle, hodlers are hodling tighter. Woo said:

“This is Bitcoin’s Reflexivity (at least the way I like to measure it). This bull cycle HODLers are HODLing tighter; stronger feedback loop.”

Cryptocurrency trader Michael van de Poppe noted that as Bitcoin broke the crucial trigger between $27,000 to $27,500, it was able to rally to a new all-time high. He explained:

“#Bitcoin broke the crucial trigger between $27,000-27,500 and continued its rally towards a new all-time high. If $27,000-27,500 sustains support, continuation is likely towards $30,000 and perhaps $32,800. Losing $27,000 and correction is imminent.”

Bitcoin Sets Another All-Time High at Over $29K, Key Indicator Suggests BTC Whales Not Looking to Dump

Bitcoin’s price has made yet another all-time high at over $29,200 in the past few hours. The last time Bitcoin reached a new all-time high was yesterday. Bitcoin is up by 3.6% in the past 24 hours, and over 23% in the past week. Bitcoin is also up by 640% since its lows in March when the COVID-19 pandemic emerged in many countries.

According to crypto on-chain analytics firm Santiment, while Bitcoin reached a new all-time high, the cryptocurrency also hit a three-year high in active addresses. While Bitcoin’s price was rallying, Ethereum also hit $750, which was a high not seen since March 2018.

Santiment further noted that the amount of Bitcoin on exchanges are currently very low, which could mean that BTC’s price is still able to thrive. Santiment said:

“When tokens of an asset remain low, it’s a good sign of prices being able to thrive. As $BTC prices have rocketed to new #ATH levels, this has clearly come to fruition.”

Bitcoin’s supply on exchanges remaining low could also indicate that BTC whales are not planning to dump the crypto anytime soon.

Bitcoin’s on-balance volume (OBV) has been breaking upwards, and has been following a bullish channel, which could mean that the world’s largest cryptocurrency’s price could still surge. On-balance volume is a technical trading momentum indicator that gives insight into using volume flow to predict Bitcoin’s price.

The cryptocurrency analyst Income Sharks further explained that volatility is not always a bad sign for assets. The analyst explained:

“Volatility is generally very bullish. It shows that there is demand and that there are active buyers. I worry more when price is flat and isn’t moving (demand goes down).”

Tom Lee, head of research Fundstrat shared his view of Bitcoin’s price in 2021 recently on CNBC’s Fast Money, saying that Bitcoin would do better in 2021 than it did in 2020. He explained:

“2021 is going to be a lot like 2017, which means Bitcoin should do even better in 2021 than it did in 2020, so something above 300%.”

Lee further explained that the younger generation would prefer to hold digital assets such as Bitcoin as a store of value rather than gold in times of crises.

Bitcoin Price Hits Another All-Time High Over $29,000 and Quadrupled In Value in 2020

Bitcoin price has hit another record level of above $29,000 on the last day of the year 2020, indicating no signs of slowing down its wild December rally. The value of the leading cryptocurrency rose as high as $29,391 before slightly pulling back.

The digital asset has surged by almost 50% in December, on track for its biggest monthly gains since May 2019.

Matt Long, head of distribution and prime products at OSL cryptocurrency brokerage in Hong Kong, said:

“Key to this rally is that it has been sustained over several weeks. If we do see a break to the downside, it will be instructive on the direction of first-quarter flows whether we see institutions continue to buy on a potential dip.”

While the wider Bloomberg Galaxy Crypto Index showing that the biggest crypto asset is up to about 280% as the rival coin, Ethereum, has also rallied, the price of Bitcoin has quadrupled during last year amid the global COVID-19 pandemic.

The latest price increase continued to divide opinions between individuals who see the crypto asset as a hedge against inflation risk and dollar weakness, and others who question Bitcoin’s validity as an asset class given its boom-and-bust cycles and speculative nature.

Vijay Ayyar, head of business development at Luno cryptocurrency exchange in Singapore, said:

“Lots of things are being validated in my view, including Bitcoin’s role in finance and as a store of value. Bitcoin is now a real alternative.”

The huge rise in Bitcoin price during December has also at least one technical indicator flashing red, signaling the largest cryptocurrency is “close to a top”, Ayyar, stated. According to the Relative Strength Index crypto indicator, Bitcoin is well into overbought territory.

American Investors Flocking to Cryptocurrency

The massive Bitcoin price hit all-time in December has been majorly driven by U.S institutional investors and professionals who view it as a safe haven asset against a weakening dollar and a payment method gaining mainstream acceptance. Retail investment in the cryptocurrency has also been rapidly increasing.

A sudden influx of interest among North American institutional investors is driving shifts in Bitcoin trading. The shift in embracing the cryptocurrency is normally dominated by Asian investments – especially countries such as South Korea, Japan, and China.

Bitcoin Price Smashes $35,000 to New ATH, What's Next for the BTC Price?

Bitcoin has recorded a new all-time high of $35,879.36. With no end to the BTC bull run insight crypto traders are wondering—where to next for the pioneer cryptocurrency’s price?

Bitcoin price has surged to a new all-time high again on Jan. 6 with crypto bulls pushing BTC above $35,000 after days of consolidation in the low $30,000 range.

Bitcoin continues to set new price records into 2021, the BTC price breaking above $35,000 for the first time ever today, surpassing its previous all-time high set just days earlier of $34,800 on Jan. 3.

As Bitcoin whales liquidated over $2 billion in crypto on major exchanges on Jan. 4, Bitcoin underwent a comparatively huge retracement dipping below $28,000. However, the crash was short-lived, with BTC quickly recovering, and pressing into new all-time highs above $35,500.

Since smashing the psychological resistance of $20,000 on Dec.16, the Bitcoin price has now gained around 80% and is up over 26% in the last seven days alone, driven largely by an influx of institutional investment.

The Bitcoin price has since retraced to around $35,000 at the time of writing.

Bitcoin Price Analysis—What to Expect?

Source: BTC/USD TradingView

Bitcoin has resumed its uptrend after holding the 30,000 level yesterday and it has just reached a new historical high at $35,879.35 today. In the 4-hr chart, we can note that Bitcoin gets a nice-looking bullish pin bar after it reaches 30,000 (as drawn in the circle), the price has resumed its upwards momentum and reaches a new high today.

Source: BTC/USD TradingView

Currently, the BTC price is facing resistance at the $35,900 level, and the previous top at the $33,000 level has now become a new support level that traders may pay attention to, which also rhymes with the 50% Fib. retracement level. In case it breaks, the 0.618 level at 32397.86 is expected to provide a strong support level.

Source: BTC/USD TradingView

However, in a weekly timeframe, we can notice that the RSI of BTC price has gone far beyond 90, which has not happened since the last top of the bull market. It is a clear sign of BTC being overbought and retracement could occur any time. From the experience learned in the last bull market, a 10%-30% pullback would be healthy for BTC to sustain its uptrend.

Despite the RSI being very high, it does not mean that the price has peaked or that we are near the top. It’s because, in a crypto bull market, it is very common for RSI to keep staying in the overbought region. With the increasing buying pressure from institutional investors and high net worths, it would be very dangerous to predict the top and trade against the trend, and it is often considered a safer action to buy during pullback than shorting the market.

Bitcoin Price Consolidates as Ethereum Price Surges to Hit All Time High

The Ethereum network’s native cryptocurrency Ether (ETH) finally surpassed its all-time high and peaked at a price of $1,432 yesterday, according to CoinMarketCap.

Ether rallied nearly 12% on Tuesday to reach the new price peak, with hints of the coming rally being projected by analyst’s earlier this month. The Ethereum price has since seen a pullback and now trades at around $1,350.

Meanwhile, Bitcoin (BTC) suffered a huge correction from around $40,000 to $30,000 last week. The Bitcoin price has begun to move sideways and is currently trading at around $35,000.

With Bitcoin settling into a range now and the rush of interest in 2020 in Decentralized Finance (DeFi) which is hosted in majority on the Ethereum blockchain—Brian Norton, COO of MyEtherWallet (MEW), the leading Ethereum wallet interface, sees this surge as a positive indicator for the future of ETH despite recent criticisms of high gas prices on the chain.

In a note to Blockchain.News, Norton said:

“2020 saw the explosion of the DeFi ecosystem on Ethereum – first hitting $1B in Total Value Locked in February, now $20.5B in only 11 months. This growth has attracted many new users seeking yields that are not available on Bitcoin with centralized intermediaries.”

In 2020, Ethereum also began the transition to its Ethereum 2.0 upgrade which is designed to improve scalability and security and a move from the proof-of-work (PoW) consensus algorithm to the proof-of-stake (PoS) algorithm.

Ethereum 2.0 has been divided into phases, with Phase 0 enabling the staking function of the project. Phase 1 enables the sharding of data, which would enhance scalability and increasing the storage capabilities of the network. Phase 2 enables thousands of transactions per second, as well as transaction sharding.

As the DeFi market continues to attract developers to the Ethereum network–the upgrade to Ethereum 2.0 is expected to help cope with growing demands on its network.

Norton added:

“What I am watching is developer activity on Ethereum, as it serves as an indicator that new and better use cases are coming which will increase demand for the native asset. Ethereum has over 5x the number of active developers as Bitcoin, and is adding developers at a faster clip every day.”

In emailed comments to Blockchain. News, Paolo Ardoino, CTO at Bitfinex added:

“The price of Ethereum is going up in a resurgent decentralized finance (Defi) space. While the explosion of projects in Defi has caused growing pains for Ethereum, layering solutions are in the works that are helping the network to scale.”

Bitcoin Still Bullish And in Good Hands

While the Ether price has trailed behind Bitcoin which had been pushing to new all-time highs on an almost weekly basis prior to last week’s correction—Etheruem has in fact outpaced the top cryptocurrency in 2021, with a 92% gain. Meanwhile, the BTC price has risen 27% so far this year.

Despite Bitcoin’s continued consolidation around the mid $30K range—Ardoino said that Ethereum’s rally does not mean Bitcoin is through with its own price rally.

Ardoino said:

“Sentiment around Bitcoin remains overwhelmingly bullish[…]Bitcoin is providing a solid foundation for a staggering array of projects, some of which will fundamentally change the nature of money by the end of the decade. Those celebrating the rise of competing chains in a rampant bull crypto market should do well to remember that they owe everything to Bitcoin.”

The crypto market is alive and well after a three-year bear market and the bulls have taken firm control. While Bitcoin price moves sideways, analysts expect that $30,000 has become the new floor for BTC due to a massive drive by institutional investors.

Additionally the recent naming of Gary Gensler to Chair the United States Securities and Exchange Commission (SEC) and replace Jay Clayton is truly exciting for cryptocurrency advocates as the SEC is desperately in need of a more refined and balanced approach to crypto regulations in the US.

As stated by Bitcoin bull and billionaire investor Tim Draper on Gensler’s appointment:

“Congratulations to Gary Gensler on his appointment to become SEC Chief. #Bitcoin is in good hands.”

Along with his extensive experience in regulating financial markets, Gensler also has a long history in public policy and finance. Gensler is a senior advisor to the MIT Digital Currency Initiative and lectures on blockchain technology at MIT sloan.

Profit Reaped by Bitcoin Addresses Dips to a 3-Month Low amid a Week-Long Price Correction

The number of Bitcoin (BTC) addresses in profit plunged to a 3-month low as the price of Bitcoin has remained in the bearish zone for days.

Per Glassnode data, the number of Bitcoin addresses in profit is pegged at 30,782,698.006, a figure based on a 7-day Moving Average (MA).

It is not surprising that many Bitcoin addresses are at a three month low in terms of profit. The price momentum of Bitcoin since the start of 2021 has been somewhat volatile. The cryptocurrency surged in price for the first week of the year, picking up from a growth of over 300% it recorded in 2020 to set new all-time highs above $41,500.

This all-time high record prompted a lot of bullish projections on Bitcoin by analysts and also sparked a FOMO (fear of missing out) wave among many investors who bought the coin at inflated prices. With Bitcoin continually being in loss over the past week, many of the addresses which served to previously bring the number one cryptocurrency above $35,000 may have contributed to the crashing statistics.

At the time of writing, Bitcoin has lost 1.63% in the past 24 hours and experienced a 10.76% drop in the past week. Each Bitcoin is now worth $31,723.06.

Are Bitcoin Skeptics Right About The Bull Run Being A Bubble?

The latest Bitcoin bull run picked up from December 2020 to mid-January 2021 has constantly been touted as a bubble that is doomed to burst when the frenzy ends. One of the proponents of this notion is Jeffrey Gundlach, a bond fund manager, who noted that the BTC began to look like a bubble when it surged above $23,000 in this ongoing bull run.

The sentiments of investment veterans like Gundlach may prove true should the price of Bitcoin continue to underperform, despite the expectations from HODLers.

Bitcoin Addresses with at least 1K Coins Hit All-Time High As Bitcoin Price Rebounds

The number of Bitcoin (BTC) addresses holding at least 1000 coins has soared to a new all-time high (ATH). According to Glassnode data, the number of addresses with over 1000 cryptocurrencies now stands at 2,469, representing one of the biggest bullish milestones for the biggest cryptocurrency amid its week-long price dip.

The new ATH signals the fact that the market whales are not backing down from Bitcoin as the new number of big Bitcoin accumulators has helped bulls regain the market from the bears. At the time of writing, Bitcoin has overturned its bearish run experienced over the week with a gain of over 13% to trade at $35,726.97. Although the cryptocurrency is still about 14.98% below its all-time high of near $42,000, the new uptick has shown the resilient nature of the cryptocurrency in the face of pressurizing market sell-offs.

Bitcoin has hit two big milestones in the past few days as Blockchain.News reported earlier that a second Bitcoin whale was spotted holding at least 100,000 coins valued at about $2.8 billion. The recent surge in the price of BTC may also be attributed to the activities of investors on the Reddit page Wall Street Bets (r/wallstreetbets).

Many of the investors who are determined to beat institutional short-sellers with GameStop shares trading are beginning to acknowledge the fact that Bitcoin, and not their aggressive stock buy-up, may be the answer to true and free capitalism.

Bitcoin’s bull run, which began in mid-December 2020, was heralded by an uptick in the number of active Bitcoin addresses. With more whales joining the bandwagon and the plausible embrace of Bitcoin by more retail investors from the Reddit forum, Bitcoin may surpass its previous ATH milestone in the coming days or weeks.