Crypto Whales Give Chainlink Boost After Accumulating $50,000,000 More in LINK: Santiment

Whales have contributed to a rally in the decentralized oracle service provider Chainlink by accumulating massive amounts of LINK, analytics firm Santiment reports.

Santiment says that the top 200 Chainlink wallets added $50 million worth of LINK in the past five weeks, helping the altcoin drastically outperform Bitcoin (BTC).

“Chainlink is moving ahead of the altcoin field once again, aided by the top whales continuing to accumulate. The 200 largest wallets have added just over $50 million LINK in ~5 weeks. In five months, its market cap is +143% overall, and +93% vs. Bitcoin.

Source: Santiment/X

At time of writing, LINK is trading for $16.16, up 10% on the week.

Santiment says that late last week, Fed Chair Jerome Powell had a positive effect on the crypto markets when he said that interest rates weren’t going any higher for the time being. According to the firm, the fact that Bitcoin (BTC) reacted more positively than altcoins to Powell’s statements signals bullishness for crypto markets at large.

“As Jerome Powell announced Fed interest rates will be staying put for now, Bitcoin nearly scraped $39,000. As a bonus, attention has increasingly been on BTC instead of altcoins, representing enough fear typically needed for prices to continue rising.”

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Source: Santiment/X

At time of writing, BTC is trading at $39,529, about 4% higher than before Powell’s speech.

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This article was originally reported on The Daily Hodl.