Crypto Market Updates: LINK Price Creates New Record; Bitcoin Whale To Sell 7000 BTC?

Introduction

“In the fast-changing world of crypto, staying informed is crucial. Whether you’re an experienced trader, a curious investor, or just interested in crypto, our weekly roundup has you covered. We curate the most important events, trends, and updates in the crypto space. From market insights and price movements to regulations, tech advancements, and token launches, we’ve got it all in one place.

Crypto markets are known for their volatility, so it’s essential to stay updated. Our weekly digest provides a comprehensive overview to help you make informed decisions in this dynamic landscape. Whether you’re interested in Bitcoin trends, trending altcoins, or the broader implications of crypto news, ‘What Happened in Crypto This Week‘ is your go-to resource.”

Chainlink Price At Highest Point Since April 2022!

LINK/USD | Source: TradingView

Chainlink price has exhibited a remarkable surge beyond the $12.50 threshold this weekend, reaching price levels unseen since April 2022. The native token of the decentralized oracle network has witnessed an impressive rally, indicative of a broader uptrend in the market. 

Notably, this substantial price movement is substantiated by a notable uptick in the number of Chainlink wallets holding a minimum of 1,000 LINK. Recent data reveals a record high of 27,152 wallets meeting this criterion. This metric is pivotal in gauging token distribution and investor sentiment, signifying an optimistic outlook as more investors are committing substantial amounts to LINK.

📈 #Chainlink has jumped all the way above $12.50 this weekend, crossing this threshold for the first time since April, 2022. The amount of wallets that hold at least 1K $LINK (currently worth $12,150 or more) has hit a new #alltimehigh of 27,152 wallets. https://t.co/yQ87RNZCPv pic.twitter.com/ZIBixZWP8D

— Santiment (@santimentfeed) November 5, 2023

Delving into the price analysis charts underscores the steady ascent of LINK price. The charts depict a robust upward trajectory, marked by a steep incline over the past two months, culminating in a remarkable 97% price surge. This positive trajectory is visually evident through the trending lines, reinforcing the presence of a bullish pattern. Moreover, in the last two months, an additional 1,474 wallets have joined the ranks of those holding more than 1,000 LINK tokens, underscoring a growing investor community.

Major Bitcoin Whales Moves 7000 BTC to an Exchange Wallet – What is going on?

A significant Bitcoin (BTC) whale made a major move by transferring 7,000 Bitcoins, equivalent to approximately $244 million, to a crypto exchange late last week. This transaction could potentially represent an effort to book some profits amid the rally in Bitcoin price.

These crypto whales, who possess substantial amounts of digital assets, can wield considerable influence over markets. Consequently, crypto enthusiasts closely monitor their actions in anticipation of potential market shifts. Typically, moving digital tokens to exchanges indicates an intention to sell, but blockchain data doesn’t reveal the fate of the tokens once they arrive at the exchange.

This particular whale’s actions are of particular interest because the entity appears to have a keen sense of timing. According to BitInfoCharts data, the holder accumulated 46,500 Bitcoins between November 2022 and January 2023 at prices below $20,000 per token, in contrast to the current price of just under $35,000.

BTC/USD | Source: TradingView

The wallet owner subsequently initiated the sale of 36,500 tokens in late March and early April, coinciding with what was then near the year’s high of around $30,000. In May, they took advantage of a Bitcoin dip to $26,000 to acquire an additional 2,000 BTC.

Blockchain data reveals that in March, the accumulation of 46,500 Bitcoins made the wallet the 14th-largest BTC holder globally. This latest transaction on Thursday suggests that some investors who had purchased Bitcoin at lower prices are now looking to secure profits following the crypto’s remarkable surge in October from $27,000.

Read On: Bitcoin Price Prediction

Why is Cardano Price Rising Of Late?

ADA/USD | Source: TradingView

Cardano (ADA) has been on an upward trajectory in November, receiving significant support from ADA whales, according to on-chain data. Cardano’s price has surged by 3.86% to reach $0.348 in the past 24 hours, marking its highest level in approximately four months.

So, what’s fueling this surge in ADA price? The weekly performance of ADA price shows nearly a 17% increase, likely spurred by the two-day Cardano Summit 2023 held from November 2 to November 4.

🏆 #CardanoSummit2023 Gala Awards Dinner!

💥 Last night the #CardanoCommunity came together to celebrate a remarkable Summit and honor our industry’s shining stars at the Armani Pavilion, Burj Khalifa.

👏 Congratulations to all the deserving award winners! pic.twitter.com/zbz4t5GUhX

— Cardano Foundation (@Cardano_CF) November 5, 2023

This price surge is part of a broader market rebound that began on October 19 when Grayscale Investments resubmitted its Bitcoin ETF application to the US Securities and Exchange Commission (SEC). Since that time, ADA price has surged by more than 40%.

Furthermore, the Cardano network’s TVL reached a record high of 680.76 million ADA as of October 31, indicating a robust liquidity pool, which is appealing to investors seeking greater incentives and rewards.

The price increase is also attributed to a technical breakout, with ADA successfully breaking out of a falling wedge pattern on October 1. Falling wedges are typically considered bullish reversal patterns, suggesting that ADA’s price may rally to around $0.359 in November, an increase of approximately 5.5% from current levels.

Learn More: Cardano Price Prediction

Conclusion

In summary, Chainlink (LINK) has seen an impressive price surge, reaching levels last seen in April 2022. This rally is supported by a growing number of wallets holding at least 1,000 LINK, indicating a bullish sentiment and a broader market uptrend. In the Bitcoin market, a significant whale moved 7,000 Bitcoins to an exchange, likely to secure profits as Bitcoin’s price surged.

Cardano (ADA) has also experienced a notable price increase, driven by factors such as the Cardano Summit 2023, market rebound, rising total-value-locked (TVL) in Cardano’s DeFi sector, and a technical breakout. These factors point towards potential gains for ADA.

Keep in mind that crypto investments are subject to volatility and risk; thorough research and analysis are essential before making financial decisions. Stay informed and vigilant as the crypto landscape continues to evolve, bringing more exciting updates in the weeks ahead!

Values as of November 6, 2023.