The market witnessed a surprising rise in Chainlink’s price this weekend. The market witnessed an increase in shark and whale activity leading to the spike. On whale and shark link addresses, the oracle service provider saw token additions in excess of $313million.
Given the volatility of the crypto market, many have seen their prices fluctuate. Some have shown steady gains, but others have suffered small drops.
Before this new record, LINK price wasn’t doing well. The token shot up to $8 this weekend. LINK trades currently at $7.8, with a current market capitalization $3.8 billion in the last 24hrs.
Strong rally for LINK and other Altcoins as October draws the Curtain
Based on dataThe weekend saw whale transaction on Chainlink reach a four-month peak from Santiment. Market activity spiked due to whale activities.
All through October, the whale activities were strong. Saturday saw 33 LINK transactions totaling over $1,000,000, the most whale activity since June 27.
Chainlink has been the object of many crypto traders and investors ever since September. Chainlink’s resistance level is $8 (LINK). A move higher by Link could be possible if the price breaks above $8. Chainlink has been steadily consolidating within the $6-8 range for some time.
Other altcoins saw strong rallies last week, apart from Chainlink. Prices for Memecoin and Dogecoins (DOGE) increased substantially, while Shibu Inu prices (SHIB), saw over 100 percent gains.
DOGE, however, has reached a correction and now trades at $0.14. This is an 8.68% price drop. The current market capitalization of DOGE is $13.8 billion.
Ethereum has also seen a price rise of nearly 20%, with the weekly chart showing an increase of almost 20%. ETH continues to be the most popular cryptocurrency price-wise over Bitcoin throughout October.
Following reports from Santiment, Ethereum’s price dominance over Bitcoin and other crypto continue even as October ends. This was after an increase of new ETH addresses.
Binance Launches The Oracle Network To Challenge Chainlink
Chainlink has recently been surpassed by a competitor. Binance, the world’s leading crypto exchange, launched a decentralized Web3 Oracle. Binance explains that the oracle is an information feed network connecting real world data to smart contracts based on blockchain.
Chainlink’s first competition is this development. Chainlink is a robust data feed network that bridges blockchain-based systems with real-world infrastructure.
Binance will first use Oracle’s services on the BNB Chain, before expanding to other services. This will allow Web3 partners access to existing data sources and provide up to 1400 applications.
Binance is looking to increase reliability in its Oracle network and source price data from central exchanges. The intelligent algorithm will combine the prices. It will be able to compete against Chainlink, a similar network of service providers.
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