LINK Price Soars: Uncovering the 3 Forces Behind the Surge


Chainlink (LINK) price has surged to its highest level since April this week, as whales have started accumulating the coin and open interest in the futures market has jumped to 2021 highs.

LINK was trading at a high of $8.20 on Thursday, up by more than 65% since June’s lowest level. This surge is mainly attributed to the news of the launch of Cross-Chain Interoperable Protocol (CCIP). This protocol will expand Chainlink’s use case, making it possible for traditional finance companies, such as banks and insurance firms, to join the blockchain.

Furthermore, data shows that two whales acquired 788,877 LINK tokens this week, and open interest in the futures market has reached its highest level since November. This open interest, which is a bullish sign, stands at over $267 million, with most of it coming from Binance.

If you would like to invest in Chainlink, Plus500 and eToro are two popular providers of Contracts for Difference (CFDs). Plus500 offers Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets.

Before investing, it’s important to note that 86% of retail investor accounts lose money when trading CFDs with Plus500, and cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection and tax on profits may apply. Your capital is at risk.

Related articles

Recent articles