In a recent exchange of ideas on X (formerly Twitter), a debate unfolded between Charles Hoskinson, the founder of Cardano, and Muneeb Ali, co-founder of Stacks, a project focused on enabling smart contracts on Bitcoin. The discussion centered around the potential and limitations of Bitcoin’s layer-2 (L2) innovations, particularly in comparison to networks like Cardano

Beijing has intensified its efforts to curb cryptocurrency mining, citing its excessive energy consumption and potential environmental harm. This move comes as part of a broader plan to achieve “higher level and higher quality” energy conservation, aligning with China’s national goals of pollution reduction and carbon neutrality. Related Reading: Crypto Classrooms: US Authorities Charge School

Several key developments across various altcoin projects are poised to potentially influence this week’s crypto market dynamics. This week’s focus is on Ripple (XRP), Polygon (MATIC), and Avalanche (AVAX) in conjunction with its associated GameFi project, Shrapnel (SHRAP). #1 XRP: Ripple Awaits Crucial Legal Developments As February 12 looms, the XRP community is keenly anticipating

The Terra community was in a celebratory mood as the LUNC token saw a significant price surge over the weekend. As revealed by a member of the community, this price surge has been attributed to the actions of the foremost crypto exchange, Binance. Binance Burns More Lunc Tokens MrDiamondhandz, a member of the Terra community,

The US government has set its sights on the burgeoning crypto mining industry, launching a data-gathering initiative to assess its environmental impact, particularly its energy consumption. Related Reading: Crypto Classrooms: US Authorities Charge School Staff In Illegal Campus Mining Scandal White House Directs EIA: Probing Crypto’s Energy Use The Energy Information Administration (EIA), under an

On-chain data shows the Bitcoin mining difficulty has seen a rise of over 7% in the latest adjustment. Here’s what it could mean for the asset. Bitcoin Mining Difficulty Has Registered A Surge Of More Than 7% On the Bitcoin blockchain, there is an in-built special feature called the “mining difficulty.” Basically, why this feature

Coinbase, the largest cryptocurrency exchange in the United States, has released a report identifying several key factors that could trigger a Bitcoin bull run in 2024. The report is centered on crucial elements such as the United States Federal Reserve’s (FED) upcoming decisions, Spot Bitcoin ETFs, and the fast-approaching Bitcoin halving event this year.  Macro-Economic

In a recent interview, Ripple’s Chief Technology Officer (CTO), David Schwartz, discussed the company’s plans to expand beyond its current focus on payments into a wider range of use cases. This pivot comes against the backdrop of the cryptocurrency industry’s evolving landscape and Ripple’s ongoing efforts to innovate within it. Ripple Is Still Committed To

BNB price is attempting a fresh increase from the $288 zone. The price could start a fresh rally if there is a clear move above the $310 resistance. BNB price is showing bullish signs above the $300 pivot level. The price is now trading below $310 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $306 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair gather bullish momentum if there is a close above the $308-$310 resistance zone. BNB Price Eyes Fresh Rally In the past few days, BNB price started a decent increase and cleared the $300 resistance zone, unlike Bitcoin and Ethereum. There was a move above the $305 level before the bears appeared. A high was formed near $313 and the price recently started a downside correction. There was a move below the $308 level. The price declined below the 50% Fib retracement level of the upward move from the $287 swing low to the $313 high. BNB is now consolidating near $305 and the 100 simple moving average (4 hours). Immediate resistance is near the $308 level. There is also a key bearish trend line forming with resistance near $306 on the 4-hour chart of the BNB/USD pair. Source: BNBUSD on TradingView.com The next resistance sits near the $310 level. A clear move above the $310 zone could send the price further higher. In the stated case, BNB price could test $320. A close above the $320 resistance might set the pace for a larger increase toward the $335 resistance. Any more gains might call for a test of the $350 level. Another Decline? If BNB fails to clear the $310 resistance, it could continue to move down. Initial support on the downside is near the $300 level. The next major support is near the $292 level or the 76.4% Fib retracement level of the upward move from the $287 swing low to the $313 high. The main support sits at $288. If there is a downside break below the $288 support, the price could drop toward the $275 support. Any more losses could initiate a larger decline toward the $262 level. Technical Indicators 4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $300, $292, and $288. Major Resistance Levels – $308, $310, and $320.

In a recent analysis, Fred Krueger, the former founder and chairman of Traffic Marketplace, offered a nuanced explanation for the seemingly paradoxical situation where the Bitcoin price has fallen despite the influx of over $5 billion in new assets through Exchange-Traded Funds (ETFs) by BlackRock and Fidelity. Since January 11, the first trading day of the ten spot ETFs, the Bitcoin price has currently plunged by 13% (over 21% at times). Why Is Bitcoin Price Not Going Up? Krueger’s insights, shared via X (formerly Twitter), delve into the complex dynamics of the market and its recent interactions with emerging financial instruments. Krueger’s analysis begins by highlighting a key strategy adopted by arbitrage traders in late June 2023, in anticipation of the ETF launch. He stated, “In late June 2023, in anticipation of an ETF, arbitrageurs put on Long GBTC, short BTC Futures trades.” This maneuver, according to Krueger, initially had a negative impact on Bitcoin’s price. However, its effects were masked by the overall market rally at the time. Related Reading: Bitcoin Holders Moving Big: Number Of Whale Wallets Reaches Highest Count In 15 Months Crucially, this strategy began to close the discount on Grayscale Bitcoin Trust (GBTC) and simultaneously increased the open interest on the Chicago Mercantile Exchange (CME). With the approval of the ETFs, these arbitrage traders shifted their strategies. Krueger explains, “Once the ETFs were approved, the arbs unwinded the trade. This time they sold GBTC for BTC, and bought Futures.” He describes this action as market-neutral. The selling of GBTC necessitated an actual sale of Bitcoin, which balanced against the futures purchase. This dynamic led to a decrease in the open interest on CME, a trend that was observed and reported. There Was More At Play Krueger also sheds light on the composition of the new ETF demand, noting that “about 1.5 billion of the 5 billion in new ETF demand was in fact recycled from GBTC in tax-neutral accounts, looking for lower fees.” This recycling of funds, while significant, did not represent fresh capital entering the Bitcoin market but rather a reallocation of existing investments. Related Reading: Bitcoin Set For Positive Performance In Q2 2024: Coinbase Analysts The analysis further identifies external market pressures, notably the selling of $1 billion worth of GBTC by Sam Bankman-Fried (SBF), founder of FTX. Krueger comments, “This selling, and the headline selling of GBTC spoofed the market, and so people concluded the ETF was a failure.” However, Krueger argues that this perspective overlooks the reality that the ETFs actually created net new buying pressure of over $3.5 billion. Despite the substantial buying activity spurred by the new ETFs, the broader market reaction was influenced by a combination of factors, including the FTX selling and the unwinding of arbitrage positions. Krueger concludes his analysis by stating, “The relentless buying of the new ETFs was far bigger than anybody predicted, modulo the FTX selling and the arb unwinds.” Overall, Krueger is super bullish: Over the next 30 to 60 days, there are 20 to 40 trading sessions. I would bet this results in between 4 and 6 Billion new USD in inflows. At a market cap of 850 Billion, it’s pretty easy to see this *could* move the market 50% or to 64K. Basically at all time high. At press time, BTC traded at $43,054. Featured image created with DALLE, chart from TradingView.com

Shiba Inu (SHIB), often touted as the “Dogecoin killer,” finds itself at a critical juncture as it grapples with a recent downturn, inviting scrutiny into its stability and future prospects. Related Reading: The $50K Quest: Bitcoin Oracle’s Pre-Halving Proclamation Sparks Excitement Shibarium Surge Sparks Investor Optimism, Concerns Linger Despite some investors maintaining an optimistic outlook, buoyed by recent developments such as the surge in Shibarium, others harbor reservations about the token’s performance and distribution dynamics. The red signals flashing for SHIB investors are hard to ignore. A recent analysis by IntoTheBlock reveals that a substantial 67% of investors currently find themselves in the red, indicating that their investments are underwater. Source: IntoTheBlock This underlines the token’s struggle to gain traction in the prevailing market conditions. Over the past month, SHIB has experienced a 5.86% decline in price, coupled with a lackluster 0.78% decrease in the last 24 hours, currently trading at $0.000009039. Adding to the concerns, trading volume has dwindled by 10.03%, signaling diminishing interest and prompting investors to exercise caution. This wariness is further underscored by the fact that only 28% of SHIB investors are currently in profit, with an additional 6% breaking even. SHIBUSD currently trading at $0.00000896 on the daily chart: TradingView.com Wealth Accumulation, Another Challenge The accumulation of wealth within the Shiba Inu ecosystem poses another challenge. Nearly 80% of the total holdings are concentrated in the hands of a small group of large investors. This lopsided distribution raises legitimate concerns about market manipulation and heightened volatility, thereby increasing the risk for average investors. However, amidst the prevailing uncertainties, there exists a silver lining in the form of Shibarium. The project’s Layer-2 blockchain solution has witnessed a remarkable surge in activity. Source: Shibariumscan Within just three days, the number of new accounts on Shibarium skyrocketed by an astonishing 254%, reaching an impressive 63,162. This surge in network usage often foreshadows significant price fluctuations, providing a glimmer of hope for the future prospects of SHIB. Related Reading: Avalanche To Unleash 9.5 Million Tokens, Traders Brace For Impact As the token stands at a crossroads, its future hinges on several pivotal factors. Market sentiment, particularly towards meme coins, could play a decisive role in influencing the token’s price. Additionally, the success of any new initiatives or partnerships that enhance SHIB’s utility and adoption has the potential to attract fresh investors and elevate its overall valuation. SHIB investors are urged to tread carefully. While the recent performance and wealth concentration raise legitimate concerns, the surge in Shibarium activity suggests a potential avenue for growth. Featured image from Adobe Stock, chart from TradingView

February is set to be a hot point for crypto assets, with several cryptocurrencies set to release over $800 million worth of assets during the month. According to data from TokenUnlocks, 26 crypto projects are set to carry out token unlocks in February, potentially flooding the crypto market with almost $1 billion worth of crypto assets. Most of this liquidity is set to come from Avalanche (AVAX), with approximately $345 million worth of AVAX set to hit the market in the middle of February. February 2024 Set To See Massive Crypto Unlocks Many major projects like Aptos (APT), The Sandbox (SAND), and Avalanche (AVAX) have unlocking events scheduled for February 2024. Avalanche, for instance, is set to unlock 9.54 million AVAX tokens, representing 2.6% of the total supply on February 22. This token unlock is set to be allocated in four batches, with 2.25 million AVAX tokens going to strategic partners, 1.67 million tokens to the foundation, 4.50 million tokens to the Avalanche team, and 1.13 million tokens as airdrops. Related Reading: Why This Crypto Report Suggests Solana As A Main Focus For The Next Bull Market Aptos (APT) will unlock 7.34% of its total supply on February 11 to the tune of 24.84 million APT tokens worth $228.55 million. In the same vein, metaverse platform The Sandbox will unlock $205.59 million SAND tokens, representing 9.19% of its circulating supply, on February 14. At the time of writing, these tokens are worth $90.46 million. Ethereum L2 blockchain Optimism is also set to unlock 24.16 million OP tokens worth $71.51 million on February 29. This represents 2.52% of its total supply. Other notable tokens also set for unlock include SUI, Algorand (ALGO), ApeCoin (APE), MANTA, and AGIX. Once unlocked, these tokens are free to be sold on the open market How Will These Unlocks Impact Prices And Investors? Crypto unlocks among altcoins are not a new phenomenon in the crypto industry, and they tend to have both positive and negative impacts on the price of such crypto assets. However, once those locked tokens are unlocked, they can enter the open market.  This means that a large supply of tokens may become available for trading simultaneously. If any of those newly unlocked tokens are sold right away, it can put downward pressure on the price as the supply overwhelms demand. Related Reading: Will BNB Continue To Drop Or Bounce Back To Create A New All-Time High? At the time of writing, the crypto market is at somewhat of a standstill in terms of price volatility, although some cryptocurrencies like Chainlink (LINK) are currently on substantial gains in the past seven days.  Chainlink also recently witnessed an unlock of 19 million LINK tokens worth $341 million. Following this, 16 million tokens were deposited into the crypto exchange Binance immediately, suggesting a sell-off. Total market cap at $1.6 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from Great Bridge Links, chart from Tradingview.com

The recent surge in activity from a prominent XRP holder, colloquially known as a “whale,” has reverberated across the cryptocurrency market, eliciting a heightened sense of speculation and uncertainty. This substantial player’s maneuvers within the XRP ecosystem have sparked a cascade of reactions, prompting both seasoned investors and casual observers to scrutinize and ponder the potential implications for the future trajectory of the Ripple-backed token. Related Reading: Meme Coin Blues: Nearly 70% Of Shiba Inu Investors Underwater As Price Flops Large Transfer Raises Eyebrows According to blockchain tracking platform Whale Alert, a significant transaction involving 29 million XRP, worth roughly $14.72 million, occurred earlier today. The XRP was transferred from an unknown wallet address to a Luxembourg City-based cryptocurrency exchange, Bitstamp. This substantial movement coincided with a decline in XRP’s price, raising concerns among investors and traders. Source: Whale Alert The term “whale” is commonly used in the cryptocurrency space to describe individuals or entities holding substantial amounts of a particular digital asset. These entities possess the capacity to significantly influence the market due to the sheer size of their holdings. In the case of XRP, the actions of such a major holder have become a focal point of attention, as they wield the power to sway market sentiment and trigger a domino effect on XRP’s value and trading dynamics. XRP currently trading at $0.50 on the 24-hour chart: TradingView.com Price Slide And Derivatives Downturn At the time of writing, XRP is trading at $0.50, down 1.7% over the past 24 hours and 4.5% over the past week. Market capitalization and trading volume have also dipped by 1.10% and 30%, respectively. This downward trend aligns with the whale’s offloading, leading some to believe it may be a contributing factor. Analyst Divergence Opinions on the future of XRP vary among analysts. Some, like 24hrscrypto, predict a further decline, suggesting XRP could even fall below Stellar (XLM) in value. Others, however, highlight the upcoming February 12th deadline in the ongoing SEC vs. Ripple lawsuit as a potential turning point. Legal expert Bill Morgan suggests that Judge Analisa Torres may need to rule on the SEC’s motion to compel before the deadline, potentially impacting the case’s timeline and outcome. Related Reading: The $50K Quest: Bitcoin Oracle’s Pre-Halving Proclamation Sparks Excitement Lawsuit Looms Large The SEC vs. Ripple lawsuit, which began in December 2020, has had a significant impact on XRP’s price. While Ripple scored a legal victory in July 2023 when Judge Torres ruled that XRP itself is not a security, the case remains unresolved. The upcoming February 12th deadline and potential rulings could significantly impact market sentiment and XRP’s price trajectory. The whale’s recent activity, coupled with the ongoing lawsuit and broader market fluctuations, creates an uncertain outlook for XRP. While some analysts predict further decline, others point to potential catalysts like the lawsuit’s resolution. Investors are advised to carefully consider all available information and conduct their own research before making any investment decisions. Featured image from Adobe Stock, chart from TradingView

Ethereum (ETH), the second largest cryptocurrency asset, is anticipated by several well-known analysts in the crypto industry to undergo a price surge in the upcoming months as the market is seeing a wave of bullish momentum. Ethereum Poised To Go Parabolic In The Upcoming Months Altcoin Daily crypto analysts have revealed three major factors that could propel the price of Ethereum in the coming months. The analysts shared their optimistic insights for ETH in a recent episode – “Ethereum price is still ready to explode” on YouTube. Related Reading: Ethereum to $20,000: Analyst Sees Spot Ethereum ETFs Fueling Bull Run According to the Altcoin Daily analysts, Ethereum is expected to reach $4,000 in the next three to six months from now. One of the major drivers noted by the analysts to take the price to this level is the impending “Ethereum Beacon Upgrade.” In the video, they highlighted that the upgrade is the last big update for ETH, which is scheduled to go live in Q1 of 2024. Its primary goals are to lower transaction fees and improve layer 2 solution efficiency. Additionally, the Ethereum Beacon upgrade promises a refined user experience. This is an important step forward toward creating a blockchain network that is more accessible and scalable. They pointed out that the update’s final test net is set to take place on Wednesday, February 7. Meanwhile, its overall mainnet roll-out is just one month away from going live. For the second key factor, the experts have identified the hype surrounding the approval of Ethereum Spot Exchange-Traded Funds (ETFs). “I do want to be clear here the catalyst we are talking about is the anticipation of the ETH spot ETFs,” one analyst stated. Although Ethereum futures have already garnered global permission, the analysts point out that the approval of the ETFs might signal a significant trigger for Ethereum’s long-term price growth. Notable Shift From Bitcoin To ETH  According to the experts, the anticipation surrounding its potential approval is expected to drive ETH’s price to $4,000, akin to the excitement surrounding Bitcoin ETFs in 2023. In addition, they underscored that the BTC ETFs approval is one reason why the US Securities and Exchange Commission (SEC) can not disapprove the ETH ETFs.  Related Reading: Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000 If this is right, then ETH is very close to reaching the aforementioned price level. This is because the final date for ETFs approval is only 112 days from now.  Meanwhile, the last key factor highlighted by Altcoin Daily is the “Bitcoin rotations after halving towards the rest of the ecosystem.” After the upcoming Bitcoin halving event, there might be a possible fund rotation from BTC to ETH. Altcoin Daily also mentioned a possible sell-the-news scenario post-halving that could lead to a cooldown. As a result, Ethereum might take advantage of it and become the dominant player in the crypto market. Ethereum is currently trading a little above $2,300, indicating a 1.23% rise in the past 24 hours. Its market cap is demonstrating the same increase, while its trading volume is up by over 41% in the past day. Featured image from iStock, chart from Tradingview.com

The Chainlink (LINK) price has been on an impressive rally over the last week that has brought its price to new yearly highs. As LINK bulls continue to hold firmly above the $18 support, the emergence of this bullish rally has continued to signal that the price surge is far from over. Crypto Analyst Says Chainlink Bullish Flag Has Been Broken In an analysis posted on the TradingView website, crypto analyst CobraVanguard explains why the Chainlink price is currently very bullish. According to the analyst, despite the altcoin showing very bullish signs, a lot of traders are failing to realize that this is the case. Related Reading: Bitcoin Holders Moving Big: Number Of Whale Wallets Reaches Highest Count In 15 Months They identified a flag pole that was created in the chart, and in this case, the flag for the LINK price was actually bullish. Even more interesting is the fact that the analyst revealed that the Chainlink price had successfully broken this flag, which they say is bullish for the price. Source: Tradingview.com “LINKUSDT is in a Bullish flag Patter,” the analyst said. “We can expect a bullish movement as much as the Measured Price movement (flag pole) to happen!” This further solidifies LINK’s entrance into its most bullish phase so far in 2024. Another major factor that the analyst identifies for the LINK price at this level is that the price was testing the major supply zone at $18. At the time, the LINK price had not cleared this level. But at the time of writing, LINk has broken clean off this major supply zone and is now trending toward $19. “The Flag Is Broken,” the crypto analyst declared. What Are The Targets For The LINK Price? In the chart shared in the analysis, the crypto analyst identifies two major points of interest in the Chainlink chart and these are the Supply Zone and the Target Price. The first, which is the Supply Zone, is at $18.3, and the LINK price has already broken above this level. Related Reading: Crypto Token Unlocks To Cross $700 Million In February 2024, Here Are The Culprits Given this, the next major point of interest is the Target Price, and CobraVanguard puts this at the $27 price level. However, there is no straight shot toward this level as the analyst’s chart also shows a correction below the $13 support before rallying onto its target. If this analysis holds over the coming days/weeks, then the LINK price could see a sharp 20% correction as the first sign. Then from there, a complete 100% move upward to bring the price to the $27 price target. At the time of writing, LINK bulls continue to show dominance after a sharp 7% move in the last day. On the broader chart, the LINK price is up 27% in the last week, bringing its market cap to $10.9 billion. LINK bulls push price above $19 | Source: LINKUSDT on Tradingview.com Featured image from Changelly, chart from Tradingview.com

Renowned crypto asset hedge fund manager Charles Edwards has made a bold prediction regarding the future price of Bitcoin. Edwards, founder of Capriole Investments, shared his insights via X (formerly Twitter), outlining a compelling case for Bitcoin’s potential to reach $280,000 in the coming year. In his statement, Edwards referenced historical data and several key factors that could drive Bitcoin’s price to new heights. He began by comparing Bitcoin’s performance after the 2020 halving event, stating, “If Bitcoin’s post halving returns are the same as 2020, we are looking at $280K Bitcoin next year.” Bitcoin Price Could Top $300,000 Next Year As the chart by Edwards shows, the third bull run in 2020 was rather subdued in comparison to the previous ones. The first bull market (halving cycle) in 2012 saw Bitcoin price peak at $1132, marking a dramatic increase of 8,996% over 11 months (335 days). The second bull run in 2016 ended in December 2017 when the price reached approximately $20,000, marking a 2,089% increase over 17 months (518 days). Edwards acknowledged that some might argue that profits diminish with each cycle. However, he made a counterpoint that 2020’s performance was pinned down due to main factors. First, Edwards attributed the lackluster performance of the 2020 bull market to China’s decision to ban Bitcoin mining, which led to a 50% reduction in hash rate and had a stifling effect on Bitcoin. Related Reading: Why Is Bitcoin Price Not Going Up Despite The ETFs? Expert Explains Second, he highlighted the aggressive tightening measures taken by the Federal Reserve, which negatively impacted Bitcoin’s performance during that period, stating, “2020 was the worst Bitcoin bull market in history. I believe overall performance was pinned down due to the -50% destruction of mining network by China and the most aggressive Fed tightening cycle in history.” However, Edwards expressed optimism about the future, pointing to a contrasting economic landscape in 2024. He stated, “In fact, 2024 marks the polar opposite to 2021. QE has resumed and the Fed has started easing, with Fed chair Powell expecting 3 cuts this year. A weaker dollar = a stronger Bitcoin.” He also compared the upcoming launch of Bitcoin ETFs in January to a “second halving,” highlighting the potential market impact, saying, “Further, I consider the January Bitcoin ETF launches as powerful as a ‘second halving’.” Related Reading: Bitcoin Holders Moving Big: Number Of Whale Wallets Reaches Highest Count In 15 Months Drawing parallels to the gold market, Edwards emphasized that Bitcoin’s current market cap of around $800 billion is significantly smaller than gold’s market cap when the GLD ETF launched in 2004. He noted that gold experienced a parabolic rise of over 300% in just seven years following the launch of the ETF, stating, “With a market cap of around $3.3T, Gold commenced a parabolic rise of over 300% to $13T in under 7 years. Bitcoin’s market cap today is just over $800B. Smaller assets are generally capable of experiencing larger upside returns.” Furthermore, Edwards underscored the rapid growth of Bitcoin, asserting that it is currently outpacing the adoption rate of the Internet, saying, “Bitcoin is currently growing faster than the Internet.” The hedge fund manager concluded by summarizing his prediction, stating: A 500% return over the 18 months following the halving would not be unusual for Bitcoin historically. An additional 300% return over the next 2-5 years from the ETFs alone would be a conservative assumption. When you drill it down to the two most important factors for Bitcoin this cycle, and add them together, it’s easy to arrive at a conservative Bitcoin price of $300K in the next couple of years. At press time, BTC traded at $43,134. Featured image from YouTube / Blockworks, chart from TradingView.com

In a notable shift away from Bitcoin, altcoins have garnered the attention of investors, leading to a slight increase in market caps, despite an overall decrease in trading volumes. Among the altcoins, Chainlink (LINK) has emerged as a standout performer, displaying impressive resilience and attracting substantial holders and institutions. Chainlink Surges, Whales Accumulate Amid Market Shift Chainlink, known as the leading Oracle network in the blockchain space, has not only outpaced the broader market but has also demonstrated impressive individual performance. Over the last 24 hours, LINK has experienced a noteworthy surge, with a 6.1% increase in value and a striking 30% rise in the weekly chart. Currently ranked 11th among altcoins, LINK boasts a 24-hour trading volume of $3.31 billion and a market capitalization of $10.21 billion. LINK price action. Source: Coingecko 📊 #Crypto market caps have edged up +0.5% over the past week, despite trading volumes dropping off -20.3% compared to the week prior. Highlight assets have included $FLR, $RON, $LINK, $TAO, and $RNDR. #Bitcoin continues seeing less attention as eyes turn to pumping #altcoins. pic.twitter.com/jMvJSTdV7c — Santiment (@santimentfeed) February 5, 2024 According to recent data from Lookonchain, a significant accumulation of LINK by a whale or institution has been observed, as evidenced by the withdrawal of 119,583 LINK (equivalent to $2.15 million) from Binance within the past hour. This strategic move indicates a growing confidence and interest in the long-term potential of the token. Related Reading: Meme Coin Blues: Nearly 70% Of Shiba Inu Investors Underwater As Price Flops It seems that a whale/institution is accumulating $LINK! We noticed 4 fresh wallets withdrew a total of 119,583 $LINK($2.15M) from #Binance in the past 1 hour.https://t.co/G09rO9rlwNhttps://t.co/Bby3SaN7cmhttps://t.co/0NowecVP2ahttps://t.co/dVX9K2CNeK pic.twitter.com/KJsY0w7F5W — Lookonchain (@lookonchain) February 5, 2024 Interestingly, as Bitcoin loses ground, LINK deviates from the prevailing market trend, indicating its unique position in the current market landscape. One major impetus behind the altcoin’s upward movement is the activation of previously dormant wallets that had remained inactive for an extended period. This sudden resurgence has led to the highest age-consumed spike of 5.38 billion, calculated by multiplying the coins moved by the number of days those coins had been dormant. The reintegration of LINK tokens into circulation is believed to have played a pivotal role in the recent surge in their price. However, market analysts remain cautious and are closely monitoring two crucial indicators in the upcoming weeks to assess the token’s potential for sustained growth. Chainlink currently trading at $19.66 on the daily chart: TradingView.com Dormant Wallets And FUD Dynamics: LINK’s Monitoring Keeping tabs on dormant wallets and seeing how they affect the network’s circulation as a whole is the primary goal of the first statistic. The activation of dormant wallets has proven to be a significant driver of LINK’s recent price increase, and its continued impact will be closely watched. A second indicator that could cause wallet liquidations and have a further effect on the price of LINK is the existence of FUD dynamics, which stand for fear, uncertainty, and doubt. Analysts emphasize the importance of vigilant observation and analysis to identify any signs of FUD and its potential effects on the altcoin market. Related Reading: The $50K Quest: Bitcoin Oracle’s Pre-Halving Proclamation Sparks Excitement While Chainlink’s recent performance and accumulation by institutions have bolstered its value, experts caution that the sustainability of its price increase remains uncertain. Continued monitoring of the movements of previously inactive wallets and the potential impact of FUD will be crucial in determining the token’s trajectory in the coming weeks. As the altcoin market continues to evolve, Chainlink stands out as a cryptocurrency that has captured the attention of investors and institutions alike. Its impressive performance, along with the activation of dormant wallets, has contributed to its surge in value. However, market analysts stress the need for continued scrutiny and analysis to gauge the potential for sustained growth in this dynamic market environment. Featured image from Adobe Stock, chart from TradingView