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BTC $43565.41 (7.40%)
ETH $3056.13 (11.2%)
USDT $1.00 (0.03%)
BCH $545.39 (8.01%)
BSV $146.79 (5.97%)
LTC $160.44 (8.76%)
BNB $376.81 (9.06%)
ADA $2.23 (12.6%)
DOGE $0.22 (11.6%)

Chainlink and Polkadot Prices Soar, Traders Stay Sharp

Chainlink and Polkadot Prices Soar, Traders Stay Sharp
  • Altcoins have been surging between 20% – 25% over the past few days.
  • Polkadot (DOT) and Chainlink (LINK) have both gone up by 40% each.
  • Both DOT and LINK will likely continue on an upward trend.

It seems most of the crypto market is on the rise. From DeFi platforms, DApps, to  NFTs, the price of cryptos and tokens are all surging over the last few days. According to the weekly Revenue On Investment (ROI) reports, most altcoins have gone up by 20% – 25%.

To highlight, two altcoins, in particular, have shined brighter than the others. In fact, these two have registered surges of 40% within the same time frame. Specifically, both Chainlink (LINK) and Polkadot (DOT) prices have both soared up by 40% each.

In relation to this short-term uptick, analysts expect these two cryptos to keep climbing up. It is not unusual for the crypto market to see a coin surge for the short term and stay at the same price. For instance, most analysts expect Ethereum to remain stagnant after its current bullish surge.

However, they do not think that the case remains the same for Polkadot and Chainlink. Let’s take a look at LINK’s rally. This crypto was in a bearish phase for almost the entire month of July.

More interestingly, during the entirety of this year, the crypto has repeatedly shown bullish signs at the end of each month. It continues on the uptrend for a few days and repeats the cycle. What’s different now is that previously it uptrends and drops right after 4 days. This time, LINK is trending at the bullish zone for the 6th day in a row.  

Meanwhile, DOT’s circulating market cap has begun to form the shape of a V. This V-shaped recovery could only mean positive news. Additionally, with more tokens floating into the market, the better the chances for its price.

This, in particular, is seen with DOT’s growing circulating market cap. To note, the circulating market cap on July 21, stood at $10.72 billion. In contrast, according to CoinGecko, DOT’s market cap is at $18.029 billion, at the time of writing. This is an exciting increase for the token.

Lastly, active addresses for both LINK and DOT have been on the rise as well. Therefore, based on these observations we can safely say that long-term investments in these cryptos seem to be a safe bet to place.

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An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.