The Chainlink Correction
If you have been up to date on the Crypto circle for the past few days, you would have known that Bitcoin has finally taken down the $10,000 resistance and is going up by the day. Unfortunately, contradicting general Altcoin culture, $LINK has not performed well in the crypto market. Going from an All Time high of $8.92 just recently towards $7.13 at the time of writing, it doesn’t bode well for the Altcoin. At one point, LINK even dropped so far as the $6.50 range when Bitcoin went above $11k. This seems to strengthen the claim that LINK is not corelated with Bitcoin like all the other Altcoins are. This theory came into being just a couple of months ago when Chainlink started performing really well and went on to get its ATH at a time Bitcoin just couldn’t seem to get a break away from the $9,000 range. In accordance with this, a team from Cane Island Alternative Advisor issued the following statement.
“Unlike most other cryptocurrencies and tokens, LINK was not materially influenced by Bitcoin’s price movements. The merit to this finding lies not only in an investment diversification benefit, but in that almost none of the popular naysay arguments against Bitcoin would have much weight or applicability to LINK.”
Whether this will prove to be true in the long run is yet to be seen, however one thing is for certain. Chainlink’s $LINK is in the middle of a heavy correction and can find itself to be dropping as much as $5 in the upcoming weeks. What are your thoughts on this topic? Is LINK going to drop even more? Are BTC and LINK inversely connected? Would you ever invest in LINK? Let me know your thoughts and opinions below in the comments and we would love to share your views on our platform!