While Bitcoin is struggling to break past the resistance at $11,400-11,500, Chainlink (LINK) is surging higher.
In the past 24 hours as per data from Coin Market Cap, the popular altcoin has gained 12% against the U.S. dollar. Against BTC, LINK has gained closer to 9.5%.
With this latest leg higher, the asset has become the ninth-largest cryptocurrency in circulation. It eclipsed Binance Coin (BNB) and Crypto.com Coin (CRO).
Chainlink Moves Above $9
For the first time in its multi-year history, the price of LINK passed above $9.00 for the first time ever on Monday. At the local highs, the asset reached a price of $9.40, as per data from TradingView.com.
This surge comes after Chainlink was subject to a strong retracement after hitting $8.94 near the middle of July. Like many other leading altcoins, LINK suffered from volatility in the prices of Bitcoin and Ethereum, which centralized gains in those market players.
LINK trades at $9.16 as of this article’s writing, having dropped slightly from the local highs (which is also the all-time high).
Chart of LINK's price action against the dollar over the past few months from TradingView.com
According to Santiment, blockchain analytics firm, indicated amid the surge that there has been an uptick in trading volume and social sentiment.
This may suggest that Chainlink does have room to rally. What it may also show, though, is that a near-term peak may be reached.
Cryptocurrencies and assets in other markets sometimes peak on spikes in social sentiment and trading volumes.
Analysts are attempting to piece together what comes next for the popular altcoin.
It breaking through a new all-time high while Bitcoin and Ethereum are relatively stagnating is bullish. Though there are also some fears about the asset being overextended.
An interesting facet of the recent move pertains to Zeus Capital, a cryptocurrency fund that publicly went short on the asset around a month ago.
Since its report, LINK has continued to surge higher and higher. Some holders of Chainlink have united around the cause of “liquidating” Zeus Capital.
There are some, though, that believe Zeus Capital’s statements. The company says that the fundamentals of the project are weak.
Chainlink (LINK) Surges 12% to a Fresh All-Time High Above $9 Price tags: linkusd, linkbtc Charts from TradingView.com Image from Deposit Photos