Link: 12/3 Status Update

A look at the trading status of the Chainlink token

Price action

It’s been a great week for Link holders. The price has shot up from an all-time low of 1350 Satoshis to 2050. Lifted up by Bitcoin’s bull run, the price has actually spiked from $0.15 to $0.23. Volume suddenly doubled a week ago and has remained stable. I have no explanation for that. The Bittrex rumors? A positive sign, in any case, just like ChainLink being back in the top 100.

Some of you have been contacting me in private, asking whether it’s a good moment to get back in. Well, we haven’t really had real news, so the only way to explain the price rise is Bitcoin profits moving into undervalued alts, just like when Link briefly reached 3,500 Satoshis a couple weeks ago.

Ultimately, whether Link is a good buy now depends on what you think Bitcoin is going to do. If Bitcoin corrects, alts will suffer. Same thing if it rises fast. Now, if it stays stable or rises slowly, that’s when alts will bloom.

This week we’ve seen traders with 40 years of experience shake their heads at Bitcoin’s unprecedented price action. Everything screams overbought yet it keeps on rising. Every trader thinks it’s a bubble waiting for a hard correction but interest in BTC only increases.

Personally, I need to see Link stabilize beyond maybe 3,000 Satoshis before I buy back for the longer term. There are too many other alts doing well out there. Of course, if you see Link sink back to 1,700 or 1,400 Satoshis and think that alts are due a pullback, you can also buy that dip and sell the swing at 2,100.

News

As you possibly know, we’re due an update from Sergey before year’s end. I expect the content to be about the project’s technical progress and maybe news about hiring.

Finally, there are no news from Bittrex, despite some people claiming insider knowledge that Link would have been listed this very week. I guess we’ll have to wait and see, but it’s important to point out that some coins recently listed on Bittrex saw an immediate pump of 20–40%, a pump which in some cases lasted as little as a couple hours.

If I recall correctly, Rory mentioned that exchange news wouldn’t come from Sergey (I guess for legal reasons), so don’t expect the December announcement to be about that.

More news:

There’s this test-net walkthrough by Johnny Huxtable.

Someone created the following ChainLink summary, making the case for Link being undervalued.

Wallets, Exchanges and Whales

Things remain the same regarding exchanges. Binance calls the shots and any volume uptick only makes them stronger.

The top 50 has a new wallet straight to the top 10 with over 42M tokens and a total of $240M in tokens. About 240 accounts emptied their Link into this wallet a day ago. A couple were known to be Binance cold wallets and someome mentioned on 4chan that the Link they have on Binance has been moved there. It must be Binance consolidating wallets.

I didn’t notice any other whale movements worth mentioning.

There’s hardly been any wallet growth, which is baffling with all that volume. We’re at 14632. Even if you add the 240 wallets that moved their Link to the big Binance wallet, there’s only 500 extra wallets in the last week. Very odd, with all that volume. Either a lot of people are selling and only a few are buying, or people are buying and keeping their Link in Binance, ready to sell as soon as it moons.

All in all, a very good week for Link. Let’s see what next week brings.

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