By Shelly Melancon (Switzerland)
LINK has been performing excellently during the recent rally in the crypto market. Within the past 30 days, LINK’s price has surged by 100%, and it has increased by about 6.66% in the past 24 hours to now trade at almost $29.
One reason for the Chainlink price surge is the rising number of address activities on its blockchain. Data from a top on-chain data analytics platform shows that LINK is now at a 3-month peak price. Despite its current impressive run, LINK is still 22% short of its peak price of about $54, which it attained three months ago.
Santiment Chainlink Price Surge Chart. Source: Santiment
The Arbitrum One Effect
Another reason for the rise in LINK price is Chainlink’s launch of Arbitrum one, which reduces fees but facilitates smart contracts’ scalability. Also, Chainlink developers can help other exchange customers utilize their financial data appropriately.
Chainlink’s popularity has been growing rapidly mainly because of its oracle services, with top tech firms (including Google) also utilizing their services. Its smart contracts are also enabled for actual APIs. Also, Vitalik Buterin (Ethereum co-founder) admitted that Chainlink’s oracles are important for smart contracts deployment.
It has to be noted that Binance is leveraging the Chainlink platform for its governance token. The blockchain’s node operators are always rewarded with LINK, and these operators now own almost 45% of the total LINK tokens currently available worldwide.
Two Fund Managers No Longer Interested In Their ETF Proposals
In other news, two top fund management firms have announced a withdrawal of their 2-day old Ethereum ETF proposal, which they’ve sent to the US financial regulator for approval.
Neither firm disclosed actual reasons for their actions, but most crypto enthusiasts assume they withdrew their applications after having some private discussions with the financial watchdog. The regulator must have made it known that their approval won’t be happening anytime soon. Both of them announced their withdrawal notices almost at the same time.
Increased Interest In Ethereum
While investors and traders’ interest in Ethereum keeps rising by the day, institutional interest in it isn’t like that of Bitcoin. Coingecko data reveal that there are 28 institutional Bitcoin holders compared with four institutional Ethereum holders, with Coinbase, the only US-based company among them.
Strangely, it was only when Coinbase revealed its $520m investment in cryptocurrencies would include Ethereum that it made the company the only US-based Ethereum institutional investor. Furthermore, institutional investors are more interested in Bitcoin than Ethereum. These data indicate that it is unlikely for America’s top financial watchdog to approve an ETF for the second largest cryptocurrency before the first one.
So far this month, five investment funds firm have sent in their Bitcoin ETF proposals adding to some that have sent their proposal since last year. Consequently, some crypto enthusiasts are already assuming that approving a Bitcoin ETF is in the works. But they are also concerned about the unpredictability of the SEC in approving the first crypto-related ETF in America.
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