In the past weeks, Chainlink (LINK) continues to maintain its uptrend’s performance. Today, the crypto is traded at a high price of $11.33, with a +19.9% growth rate in the last seven days. LINK’s bullish movement is due to many factors that are happening in the crypto market lately.
The non-exchange whales are one of the key players that are alleged to be playing a vital role in the crypto’s bullish performance. According to Santiment, non-exchange wallet addresses from the top 100 whales have dramatically increased by roughly 5% this year.
Based on the above chart, LINK’s value invested from the non-exchange addresses increased from $735.64 million last year to its current amount of $771.15 million. This growth of value in the LINK’s ecosystem indicates that the investors’ trust in the crypto continues to increase, which is a good sign.
On the other hand, the excellent record that the DeFi space continues to uphold is also one factor that affects the bullish signal of the crypto. The connection of Chainlink’s oracle to the DeFi space makes the crypto popular when it comes to securing DeFi assets. Today, DeFi space has a total locked value (TVL) of $10.9 billion.
Moreover, Chainlink maintains its rank within the top ten cryptos on CoinGecko with a market capitalization of $4,371,128,586. This performance of the crypto is thought to speak for itself when it comes to its stability and reputation.