News, Price Analysis

Crypto Whales Are Accumulating This Altcoin Amid Crypto Market Crash

The cryptocurrency industry has shrunk amid decreased midterm optimism in the past few weeks. As for the Chainlink (LINK) price, the altcoin has declined more than 21 percent in the past four weeks to hover around $14.33 on Wednesday, during the early London session. 

However, the crypto outlook will improve soon as more investors enter the industry. The Fed is expected to remain dovish in the coming quarters as the inflation eases amid the upcoming general election, thus signaling inevitable interest rate cuts. Moreover, the European and Canadian governments have already initiated interest rate cuts.

According to on-chain data analysis provided by Lookonchain, 54 new Chainlink wallets withdrew 2.08 million LINK, worth about $30.28 million, from Binance in the past seven days. The Chainlink ecosystem has grown into a vibrant ecosystem backed by both institutional investors and retail traders.

According to on-chain data, the Chainlink network has more than 720k holders with non-zero balances.

Growing Ecosystem 

The Chainlink network provides crucial oracle data to web3 and smart contract developers. As a result, more institutional investors seeking to build web3 projects involving real-world assets (RWA) tokenization have tapped into the Chainlink network. 

Additionally, Chainlink’s CCIP is already used by dozens of institutional investors seeking to build scalable and interoperable applications. In the latest adoption, the company announced that Fidelity International and Sygnum have partnered with Chainlink to provide NAV data on-chain for Fidelity International’s $6.9B money market fund.

Midterm Expectations

Chainlink price has been trapped in a megaphone weekly consolidation since the beginning of this year, while Bitcoin price has pumped to its all-time high. According to a popular crypto analyst Michaël van de Poppe, LINK price is on the cusp of a major bullish uproar in the near term.

Moreover, the weekly Bitcoin dominance has signaled an inevitable reversal, which will trigger the much-anticipated altseason.

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