Earlier today, LINK, the local token of decentralized oracle provider Chainlink, broke the previous all-time high price of $ 21.39. Link supporters, who hold Chainlink’s crypto money and defend its purpose, shared their joy from different platforms throughout the day.
But this joy was short lived.
The token corrected its course almost instantly and dropped to $ 17.50 within three hours. This means a 20% decrease. And today is a huge loss for anyone who bought money from the top …
On the other hand, there is a lot that anyone who bought Chainlink in early 2020 or before will still be happy. Cryptocurrency exploded over 1000% last year and gained widespread popularity.
And in the last 24 hours, Chainlink is still up 17%. The increase in the last week is at the level of 24%.
Adjustments are inherent in the cryptocurrency market
Chainlink’s price correction is proportionally smaller, given the wild trajectory that BTC has been on since reaching its all-time high a few days ago. Bitcoin dropped almost 30% from $ 42,000 to $ 30,500.
These fixes are welcome for Chainlink and many other alternative crypto assets. Compared to Bitcoin, the low trading volume of these currencies makes it easy for prices to fluctuate so quickly. The extreme excitement of the traders also increases the volatility. LINK keeps its power.
It is unclear what increased the price of LINK, which stands out with solid gains on a day when the majority of the market turns red (For example, Bitcoin fell 8% while Ethereum fell by about 4%).