08-09-2020 icon

Chainlink (LINK) Skyrockets 60% to New ATH; Bitcoin Remains Stable Around $11,700

By Sagetwriter
Chainlink Link Cryptocurrency All-time High Price

After scaling its previous price record less than a week ago, the now 6th placed cryptocurrency by market cap – Chainlink (LINK) has surged to another milestone high this weekend to reach a price of $14.35.

The decentralized oracle altcoin has been one of the best performers since the start of 2020, haven started the year at about $1.73; making over 700% gains in eight months, and 60% returns in the past five days.

Despite LINK price retracing to $12.75 at the time of publication, it still found its way to the sixth spot of the total cryptocurrency market cap.

Asides its impressive price action, crypto analytics show that the number of dialy active Chainlink addresses reached 15,600 suggesting an increasing interest in the token.

For most analysts, Chainlink (LINK) remains a long term hold with predictions of the cryptocoin reaching $200 in the long term.

Bitcoin Stable At $11,700 Price

After an initial dip to $11,350 on Friday and last week’s flash crash, Bitcoin is stable in range $11,400-$11,700; while most altcoins enjoy a great day trading in green.

For Bitcoin, the resistance at $11,800 remains; analysts are however optimistic that the number one cryptocurrency will move through and head towards the psychological high price of $12,000.

The major support level at $11,400 looks good, and in case of any possible dip $11,000 and $10,800 are levels to watch out for. Some more bearish traders say BTC should test $9800 (CME Futures) to $10,000 before a new rally.

For a bullish scenario, if Bitcoin breaks through the resistance zone 11.8K -12K, traders expect price to easily run towards $15,000 -16,000.

Altcoins led by ETH hit a two-year high of $400 and has stabilized around $380-$390 region.

DeFi projects also continued their price rallies over the past week with notable tokens BAND (260%), Balancer (147%), LEND (23%), and KAVA (71%). Other top gainers include JUST by Tron (251%), Swipe (SXP) -15%, and KNC (15.3%).

At the time of posting, the total cryptocurrency market cap stands at $354 billion, with BTC dominance haven retraced to 60.5%.