Crypto Accounts for 73% of eToro’s Total Trading Commission in Q2, “Strong Interest from Retail”

Crypto Accounts for 73% of eToro’s Total Trading Commission in Q2, “Strong Interest from Retail”

Trading platform eToro reported its second-quarter results this week that revealed commission from crypto trading to be $264.2 million, an increase of 23x compared with $11.2 million in the Q2 of the previous year.

Crypto represented 73% of total trading commissions in Q2 compared to a mere 7% in Q2 of 2020.

When it comes to particular crypto assets, XRP is the one bringing in the most commission for eToro out of all the crypto assets along with ETH and ADA, “reflecting strong interest from retail investors in crypto markets.”

Bitcoin, which accounted for the most trading volume, only contributed 7% to total crypto commissions, even less than DOGE, which was added to the platform only in May.

Last quarter, eToro added ten new crypto assets, including Shiba Inu, and launched ETH 2.0 staking offering.

“The rise in self-directed investing and eToro’s growth are underpinned by long-term secular trends in investor behavior,” said Yoni Assia, CEO, and co-founder of eToro, in a statement.

Overall, the company reported $362 million in total trading commissions, up from about $161 million in the same period last year, and a net trading income of $290 million.

Additionally, eToro processed 127 million trades in Q2 of this year, up from 74 million from the previous year.

In Q2 of 2021, the company still posted a net loss of $89 million due to a non-cash charge of $71 million in stock-based compensation for its employees. Also, eToro incurred a $36 million transaction cost for its future merger with a special purpose acquisition company (SPAC), FinTech Acquisition Corp. V.

Back in May, the firm announced its plans to go public via a SPAC that gave it a valuation of $10.4 billion and a commitment for a $650 million private placement from investors including Fidelity Management & Research Company, Third Point LLC, SoftBank Vision Fund 2, Wellington Management, and ION Investment Group.

eToro added 2.6 million new clients in the second quarter, bringing its total users to 23.2 million at the end of June. The company saw an increase of 121% from the same period last year but added 500,000 fewer users than it did in the first quarter of 2021.

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Author: AnTy

Bitcoin Dominance on a Decline for 8 Weeks Straight to Hit Three-Year Low

Time and again, the Bitcoin price will make a strong upward movement, but instead of continuing the momentum, it ends up back down again. As of writing, BTC/USD has been trading around $57,500.

It has been due to lack of momentum in Bitcoin and the surging Ether prices, which hit a new all-time high yet again at $3,550 and 0.06348 BTC, that the dominance of the leading cryptocurrency continues to decline. ETH -1.11% Ethereum / USD ETHUSD $ 3,488.63
-$38.72-1.11%
Volume 44.11 b Change -$38.72 Open $3,488.63 Circulating 115.77 m Market Cap 403.87 b
8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 9 h Bitcoin Dominance on a Decline for 8 Weeks Straight to Hit Three-Year Low 10 h Uniswap V3 Recording $265M in Liquidity and $70M in Volume After Going Live on the Ethereum Mainnet

Bitcoin dominance has been declining throughout this year, so far, and for seven straight weeks, it has printed only red candles.

On Dec. 28, 2020, BTC dominance was at 73.67%, which has now fallen to nearly 45%, last seen in mid-July 2018. The lowest it even went down was at 35.5% on Jan. 8, 2018, when altcoins peaked during the last bull market.

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Since the beginning of 2017, when initial coin offerings (ICOs) first became popular in the market, Bitcoin dominance has been on a decline. The metric, however, has become meaningless over time, noted Qiao Wang.

“BTC dominance is now at ~45%, and is probably heading lower,” because of a combination of reasons including the success of Ethereum and other smart contract crypto-commodities, the proliferation of crypto-equities, and froth, he added.

Party to Continue

With Bitcoin price around $58,000, Ether around $3,500, and the total crypto market cap on its way to hit $2.5 trillion, we are experiencing a bull rally, which according to some, could very well be a super cycle.

While that remains to be seen, the ongoing lack of momentum in Bitcoin along with other risky assets is the result of inflation expectations keep on rising and bond yield having stalled, which has real rates falling and deep into negative territory, said Charlie Morris, founder of ByteTree.

“It’ll be back when yields turn up assuming inflationary pressures remain,” he added.

This week, as we reported, Treasury Secretary Janet Yellen, who previously served as the chairman of the Federal Reserve, spooked the market with the talks of raising the interest rates to prevent overheating of the economy.

But Yellen does not directly impact rates in her current position, and the markets have recovered nicely since then.

It is Fed Chair Jerome Powell who is in charge, and he remains dovish as he has repeatedly said that rates will be kept low at zero and inflation target 2% until full employment and economic recovery is achieved.

So, “the party will continue for as long as the fundamentals stay the same,” writes analyst Mati Greenspan.

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Author: AnTy

Bitcoin Price to Rise as it Captures Bigger Share of ‘Anti-fiat Market’ Driven by ‘Stimulated Environment’

“Strong” crypto performance leads to rising interest among institutions, including university endowments and foundations, a trend that will continue “at an accelerated pace,” says experts. As for the govt. banning Bitcoin, “Crypto Mom,” says that would be “foolish.”

Bitcoin is trading above $60,000, giving off strong bullish signals with traders getting in on this action.

According to Dhaval Joshi, chief strategist for BCA Research’s Counterpoint product, the price of Bitcoin will rise as it becomes a bigger share of what he calls the $15 trillion anti-fiat market, currently dominated by gold.

“So long as we have a fiat money system, there will be demand for an ‘anti-fiat’ asset that is a hedge against a debasement of the fiat money system,” said Joshi, who called cryptocurrencies “the new vigilantes to prevent rampant inflation.”

Currently, Bitcoin accounts for 10% of this anti-fiat market but, “as this share doubles or trebles, it arithmetically requires a doubling or trebling of cryptocurrency prices.”

He recommends investors to hold $1 of crypto for every $3 of gold, which implies 25% of the precious metal market, putting BTC at $120k.

Tipping Point

The prices are rising as the institutionalization of the crypto space gains speed.

During a MarketWatch virtual panel discussion, “How to Invest in Crypto,” Tom Jessop, head of Fidelity Digital Assets at Fidelity Investments, said the maturation and adoption of digital assets as a class of investments would continue “at an accelerated pace.”

According to him, ultralow interest rate and easy-money policies helped drive momentum into bitcoin, which are increasingly being seen as alternatives to assets like bonds that offer meager yields.

“Pandemic, quite frankly, was a catalyst for institutional adoption, and specifically bitcoin and the narrative, or use-case, around digital gold,” Jessop said. And “we’re not going to get out of this stimulated environment anytime soon,” he added. “I think we’ve reached a tipping point.”

As Mark Yusko, founder and CEO of Morgan Creek Capital Management, told MarketWatch, “We really believe that we’ll look back five years from now, and it will be deemed fiduciarily imprudent to have zero exposure to digital assets.”

With Bitcoin becoming a trillion-dollar asset and total crypto market cap surging past $2.1 trillion, “you can’t ignore it anymore,” Yusko said. “I really think we are at an inflection point.”

According to him, crypto performance has been “so strong” that even a small allocation can make a big difference. And Yusko has seen a rising interest among institutional investors, including university endowments and foundations.

A Good Regulatory Framework

When it comes to the regulatory front, it might not be of big significance as SEC commissioner Hester Peirce says it would be “foolish” to ban Bitcoin.

“I think we were past that point (of banning Bitcoin in the US) very early on because you’d have to shut down the internet.”

“I don’t see how you could ban it. You could certainly make the effort. It would be very hard to stop people from doing it.”

“So I think it would be a foolish thing for the government to try to do that.”

According to her, technology is likely to outpace the government’s attempt to limit the use of BTC.

During the panel discussion, while reiterating that the US remains “behind the curve” in regulating crypto, Peirce, aka “Crypto Mom,” said Gary Gensler as SEC Chairman might push it in the right direction.

“I’m optimistic with a new chairman coming in with a deep knowledge of these markets that is something we could do together—build a good regulatory framework.”

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Author: AnTy

Bitcoin Millionaire Addresses Reaches Highest Level Since January 2018

As Bitcoin’s price holds strong at $13,000, the number of Bitcoin millionaire addresses are also hitting levels not seen since the last bull run.

Those addresses that have been holding more than $1 million worth of BTC have surpassed 20,000, the highest level since January 2018, as per Glassnode.

These numbers have been increasing since March when the sell-off pushed these addresses from about 17,500 to nearly 7,500.

In August, these numbers took a big leap when it added about 5,000 new addresses. Now, it has reached levels that we came close to in the middle of last year.

The number of addresses with more than $1 million of Bitcoin reached its all-time high at just above 28,000 at the top of the market in December 2017 when BTC price hit $20,000.

According to Bitinfocharts, while 20,554 addresses are richer than $1 million, only 2,754 addresses have $10 million worth of BTC.

Meanwhile, more than 25 million addresses have $1 worth of BTC, close to 9.7 million addresses have more than $100 of BTC and 3.64 million has $1,000 worth of Bitcoin.

The number of addresses richer than $10k worth of BTC is moving to 990k, and 182,414 addresses have $100k BTC.

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This has been as Bitcoin works towards solidifying its role as digital gold, a store of value. Recently, a team of analysts at JP Morgan also touted the leading digital currency to be in “intensive” competition with gold, suggesting a “doubling or tripling” in its price if this trend continues.

“The older cohorts prefer gold, while the younger cohorts prefer Bitcoin as an ‘alternative’ currency,” read the research note.

The analysts also added that Bitcoin’s long-term prospects could further improve because of its utility as a payment mechanism.

In that regard, just yesterday, a BTC wallet holder moved over 88,857 BTC, worth about $1.15 billion for a fee of mere 0.00027847 BTC, worth less than $4.

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Author: AnTy

High Chances of a Bitcoin ETF Approval in 2021 as BTC Trades Like Gold

After a strong rally right at the beginning of this week, Bitcoin is now keeping around $13,000 in the second half.

While BTC has taken a breather, volume across the board and open interest are showing solid sessions.

Quant trader Qiao Wang has a hunch that “Once BTC breaks $14k, we’ll likely be in a different regime in terms of volatility, momentum, retail participation, and so on. A lot of things that worked last few months may no longer work and vice versa. $20k will take this regime to a whole new level.”

Meanwhile, bitcoin’s one-month correlation with the stock market has taken a sharp decline, while with gold, it has started to increase.

And this trading more like gold, a store of value is likely to hold as per Mike McGlone, a senior commodity strategist at Bloomberg Intelligence.

Acting Like Gold

Bitcoin has been showing signs of maturity in terms of lower volatility, trading patterns, and more adoption, similar to gold. Moreover, the macroeconomic factors driving gold price higher are likely to push BTC’s price as well, he said.

“The key thing it has been doing since it went to $100 and then to $1,000 and then $10,000, which has really been the consolidation price for the last three years, it just has a history of adding zeros,” McGlone said in an interview.

Amidst the market enjoying a rally, Bitcoin has already hit an all-time high (ATH) in the local currencies of some countries like Brazil, Argentina, Turkey, Venezuela, Sudan, Zambia, and Angola.

However, while not bearish, popular trader Loomdart isn’t bullish either as he believes the ongoing institutions’ FOMO buying narrative is “the foundation for a bitcoin” that provides support and lowers volatility. Still, it also doesn’t imply “ceaseless green days.”

Unlike Tesla, “there’s no gigantic tranche of short interest waiting to launch us to the heavens. It’s way more like gold. As long as derivatives stay muted (oi increase < market cap increase), I simply don’t think we have the fuel for a leveraged long,” he said, adding funds rotating from long to short “isn’t encouraging.”

The Next Phase

With all the maturity Bitcoin is seeing: low volatility, publicly-traded companies making it part of their Treasury, mainstream companies like PayPal supporting cryptos, and increased regulatory scrutiny, the chances of the approval of a Bitcoin ETF are seeing an increase.

“It will be challenging for the SEC to justify rejecting a well-crafted bitcoin ETF proposal in 2021, and I assume there will be many of them,” said Jake Chervinksy, General counsel at compound Finance.

Under the Administrative Procedure Act, SEC’s decision can be overturned by a court if it’s “arbitrary & capricious,” he added.

While it takes about 9 months from the date of filing to a final decision on approval, once approved, the listing can happen almost immediately. And that could also mean, much like the launch of bitcoin futures in December 2017 marked the top of that bull cycle; the bitcoin ETF approval does the same for this cycle.

Chervinksy even expects Grayscale Bitcoin Trust (GBTC) to restructure as an ETF at that point, as even the crypto asset manager has also hinted at this.

In Q3 of 2020, GBTC had yet another record inflow, for the third time in a row, with the premium still around 20%, but as the bitcoin rally intensifies, the demand for GBTC could see it surging higher yet again.

“Expect the Grayscale bitcoin premium to roar in the next few months, particularly so in H1’21, then come crashing down as market starts to price increasing odds of a bitcoin ETF approval,” said trader and economist Alex Kruger.

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Author: AnTy

Interest in DeFi Falls to Pre-Mania Level, Uniswap Volume on a Decline Despite CEX’s Issue

The DeFi market continues to see strong growth, with the total value locked (TVL) in the sector above $11 billion. While a record of almost 160k BTC is locked in DeFi, the locked Ether is also approaching the peak at 8.7 million ETH.

The mid of June was the “turning point” for DeFi finance, as per LunarCRUSH’s report confirmed by Google Trends when a steady upward trend in the US searches for the term DeFi was seen, which peaked in August only to fall sharply in September.

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Interest in term DeFi over time, Source: GoogleTrends

But the current scenario could further accelerate this growth.

The ongoing investigation into popular crypto derivatives platform BitMEX, and now issues at OKEx is likely to spur on further flow out of CEX and into DEX venues.

Already, as we reported, the trading volume on decentralized exchanges has rushed to new high thanks to DeFi and yield farming hype in Q3.

Monthly trading volumes for top 10 DEX increased 700% from July to $30.4 billion in Sept. while CEXs recorded $300 billion, the same as the previous month. The market share of DEXs that continues to increase is expected to grow further, that too, at the expense of CEXs.

The most popular DEX, which accounts for more than 60% of the volume, is Uniswap. The hottest trading platform was launched less than two years back and raised millions from venture capitalists, including Paradigm, Andreessen Horowitz, and Union Square Ventures LLC.

In the overall crypto space, it is the fourth-biggest exchange after Binance, OKEx, and Huobi. Paul Veradittakit, a partner at California-based Pantera Capital Management LP, which is considering investing in Uniswap’s governance tokens UNI said,

”It’s just phenomenal. We can really see decentralized exchanges make a huge dent in the market and potentially overtake centralized exchanges.”

Since dropping to half a billion dollars after its clone SushiSwap sucked the liquidity, the liquidity on Uniswap has been surging, surpassing $3 billion on Thursday. However, it is currently averaging a daily trading volume of $220 million, on a constant decline from Sept. 1st’s ATH of nearly a billion dollars.

Uniswap Volume
Source: Uniswap Info

It is rather a blessing for crypto projects as Uniswap, which generates revenue through transaction fees, doesn’t charge the issuers to list new tokens. Users don’t have to provide documents for KYC or AML measures as required by traditional crypto exchanges because of regulatory pressure.

Trading on Uniswap also means a bigger market to trade as it currently has 845 tokens listed while the leading spot exchange Binance only has 820 coins.

However, while Binance had over 15 million users at the end of last year, Uniswap is used by only 50k to 100k people, Kyle Samani, co-founder of crypto hedge fund Austin, Texas-based Multicoin Capital Management told Bloomberg. He said,

“This competition is just getting started. We are in the first inning.”

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Author: AnTy

PwC: “Large Crypto Unicorns to Become Increasingly like ‘Crypto Octopuses'”

The value of the M&A’s in the cryptocurrency world saw strong growth this year as it exceeded the total of 2019 just in the first six months of 2020, according to PwC’s latest report on the crypto merger, acquisition, and fundraising landscape.

Compared to last year’s $481 million, the first half of this year recorded $597 million in global deal value as tie-ups became less frequent but bigger.

In the first half of 2020, there were 60 tie-ups versus 125 in the whole of 2019, said PwC.

However, activity continues to shift away from the US as the volume in Asia-Pacific and Europe, the Middle East, and Africa was 57% compared to 51% last year.

The biggest deal of 2020 was made by Binance Holdings, which purchased CoinMarketCap for $400 million. PwC Crypto Leader Henri Arslanian said,

“We expect crypto M&A activity to remain strong for the coming months particularly with some of the larger or more profitable players acquiring firms that offer ancillary services to their current offerings.”

“We should expect the large crypto unicorns to become increasingly like ‘crypto octopuses’ by acquiring or investing in various ancillary businesses in order to remain dominant.”

Digital asset manager CoinShares also anticipates the materialization of a “more robust M&A market” but says significant industry consolidation is likely to come first to clean up the market fragmentation.

According to them, crypto companies need to demonstrate the ability to generate recurring revenue and stable cash flow, consistent delivery on growth metrics, low margin volatility and above-average margins, low revenue concentrations, and low founder involvement.

According to PwC, the first of the year also saw a spike in fundraising involving trading companies or cryptocurrency exchanges, which has been attributed to the rising digital asset prices, greater regulatory clarity, and increased institutional interest.

2020 saw legendary investor Paul Tudor Jones putting money in crypto, boosting demand from bigger players and MicroStrategy and Square making bitcoin a part of their Treasury.

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Author: AnTy

Bitcoin’s Realized Cap Adds $43 Billion Since the 2017 Peak to Hit A New ATH; A 60% Increase

While the price of bitcoin is struggling around $10,000, although still holding strong to the key psychological level, Bitcoin realized its cap has hit an all-time high.

Compared to the $197 billion market cap of the leading digital asset, which takes into account the current price and circulating supply, the realized cap has reached $115 billion.

Realized cap values each coin at the time they were last moved, as such, serving as an estimate for investors’ aggregate cost basis. This metric eliminates some of the lost, unclaimed, unused coins from the total value or “an indicator of the sum of levels where groups of long-term, legit, buyer-hodlers entered into their Bitcoin positions, with local and immediate emotions and manias stripped out.”

Since BTC price hit the peak at $20,000 in 2017, the realized cap has grown by a whopping $43 billion, an increase of 60%.

glassnode btc realized cap at ATH
Source: Glassnode

Meanwhile, on the price front, after falling to $10,150 level yesterday, today we are back around $10,400, the pre-drop level. Traders are expecting this correction to extend further to fill the CME gap at around $9,700.

“Bulls want to reclaim $11.2k. Bears want to see price below $10.2k,” noted one trader.

Interestingly, despite the selling pressure, there has been a lack of aggressive liquidations, and the bitcoin futures curve has been flat for much of this month.

Meanwhile, unlike spot and futures trading volume that remains subdued with the total open interest on bitcoin futures also falling to $3.8 billion, OI on bitcoin options reclaimed its ATH before the expiry of 88,000 contracts this week.

What needs to be noted is these pullbacks are nothing new for the bitcoin market. As we have reported, during the last bull cycle, Bitcoin had several pullbacks of 30 to 40%.

Moreover, historically, September hasn’t really been a bullish one for the digital asset. Not to mention, the macro environment is also at play here, with the Supreme Court Justice seat vacant now after the death of Ruth Bader Ginsburg, delayed stimulus, and Presidential election just a month away.

While a stimulus before the elections is unlikely to come, Federal Reserve chairman Jerome Powell argued for Congress to do more to support the economic recovery the same as Charles Evans, Chicago Fed president.

Quarter four of 2020 can bring a new wave of gains as it has been historically a green month, and after a pullback, the digital asset is expected to recover the losses and surge higher.

“BTC ranges between 10k and 11k for the rest of the year. This would be amazingly bullish,” said analyst Wolf.

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Author: AnTy

Altcoins Get A Beatdown While Bitcoin Remains Stable Just Under $11,000

The crypto king, bitcoin, is holding strong around $10,900 after it started uptrending over the weekend.

From $10,200 on Sunday, the digital asset has been making its move up, climbing to $10,950 today. At the current price of just above $10,900, 83.68% of the addresses holding BTC, which are 26.38 million, are in profits.

Trader SalsaTekila noted that “yesterday night gold pumped from this exact hour, BTC then followed.”

The precious metal jumped to $1,970 level, keeping to its range, which is getting smaller, formed after hitting the new all-time high at $2,070 in early August. Meanwhile, the USD index is struggling around the 93 level.

“At a certain point when Bitcoin gets big enough (I’d say above $1T), it will shed its risk-on factor, then its fundamental gold-like properties moves front and center,” noted on-chain analyst Willy Woo on bitcoin’s short-term correlation with the equity market.

And then, “even our 4-year cycles will get locked into the gravitational pull of the ~10 year cycles that macro markets exhibit,” he said.

For now, besides the altcoins and DeFi’s losses supporting flow into bitcoin, MicroStrategy’s acquisition of 16,796 additional bitcoins helped the digital asset maintain its resilience.

Altcoins’ Experience a Hangover after the Bull Party

Trading in the green with $1.8 billion in ‘real’ volume, the dominance of BTC has also taken to trend up. BTC dominance has been on a constant decline since early May when it was at 69% to the 15-month low of 59% on Sept. 13. But the weakness in alts has bitcoin’s dominance riding up over 61%.

While Bitcoin is looking stronger, the altcoin party has died down.

Among the top cryptos, Ether is down 4% at $363 with other notable mentions, including LINK and BNB; both are down 9% while TRX dropped 8%.

In the DeFi world, the top loser is CREAM, which fell by 40%. Interestingly, today Binance announced trading for the DeFi token against BNB and BUSD.

Other notable mentions include bZx Network (28%), SUSHI (-21%), CRV (-20%), SWRV (-15%), SNX (-14%), LEND (-12%), YFI (-11%), and UMA (-10%).

Unlike the price of these DeFi tokens, the total value locked in the sector increased to $8.9 billion, as per DeFi Pulse.

Users continue to deposit in these new projects, especially in Swerve, whose TVL has jumped to $953.8 million, and KIMCHI, whose deposits are currently at $1.8 million. Other projects that see an increase in their TVL today are Mooniswap, YFII, ForTube, DODO, CREAM, Yearn, and Maker.

Some of the cryptocurrencies are still moving north in the current red environment, including Pickle (50%) and LUNA (7%).

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Author: AnTy

Chainlink’s LINK Sees ‘Unprecedented Drop’ with Marines HODLing & Developers Selling

While Chainlink has been growing in popularity as a “strong contender in the smart contracts market,” its price has been going off the charts.

This fifth largest digital asset has spiked about 1,000% since the March pandemic lows. LINK continues to rage on, reaching a price of over $20 on some crypto exchanges.

Over the past 30 days, LINK has risen about 140% and is now the third highly traded digital asset behind Bitcoin and Ethereum, in terms of average 7-day volume, as per Coin Metrics.

Moreover, in line with price, Chainlink’s network activity is also continuing to rise, with 13,000 active addresses recorded yesterday and 6290 new addresses created.

Additionally, Binance Futures is launching LINK/USD coin-margined perpetual contract, a futures contract where LINK is collateral, with up to 75x leverage on August 19.

“Marines with leverage,” tweeted Binance CEO CZ, explaining to one user how “Leverage doesn’t change an asset’s price,” rather just “gives both long and short more… leverage.”

Taking a Breather

Over the last few days, LINK’s gains were partly driven by Dave Portnoy’s shilling to send the digital asset “to the moon”. Barstool Sports’ president, who recently became popular on Twitter as a day trader during the coronavirus pandemic induced stimulus and lockdown and ventured into crypto claims, unlike SEC-regulated traditional markets, crypto space, encourages pump and dump schemes.

According to analyst Mati Greenspan, this “is not a good look for the community and certainly a step back from building the internet of value.”

For now, LINK has corrected about 18% and is currently trading at $16.37.

“LINK experienced a pretty unprecedented drop, independent from the rest of the crypto markets. Notable is the 6-month drop of the percentage of Chainlink tokens on exchanges, declining from 8.6% to 6.9% during this timeframe,” stated crypto data provider Santiment.

But Who’s Responsible?

LINK’s holders, called LINK Marines, are not the culprits here as Santiment added the declining LINK balance on exchanges “supports the narrative that the LINK army just isn’t selling, and more and more of the supply is being moved to offline wallets.”

These LINK Marines are reportedly 50,000 strong with Framework Ventures being the largest private token holder of the digital asset.

“What they do is they promote it,” Anderson told Bloomberg. “This is one of the things that’s unique to the blockchain, where the community is compelling.”

Is it LINK Devs Then?

While the Marines are holding strong, LINK developers are selling. These devs reportedly sold about $40 million worth of LINK up until the weekend. But it is not the reason behind the pullback because it was nothing new this month.

Trader Josh Olszewicz pointed out how LINK devs have been selling for months now, and the rate of LINK sold hasn’t changed, “still 1m LINK/month thus far.”

More importantly, Chainlink has had the highest GitHub developer commit rate over the last 12 months.

A “de facto choice”

The pullbacks have been nothing for LINK after new ATHs, and given that Bitcoin is moving upwards, this BTC decoupled digital asset is moving in the opposite direction. Some traders might also be taking off profits.

Nevertheless, Chainlink has become a “de facto choice” for DeFi applications that outsource their data feeds, which is reportedly powering 95% of all public blockchain derivatives.

As Greenspan puts it, “it’s designed to translate things that are happening in the real world into data on the blockchain.”

Moreover, Chainlink’s partnerships, such as Alphabet’s Google, which got the project off the ground, add to its growth. “We work with them on a weekly and monthly basis,” said Sergey Nazarov, co-founder, and CEO of San Francisco-based SmartContract.

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Author: AnTy