Chainlink LINK $12.28 24h volatility: 2.9% Market cap: $8.70 B Vol. 24h: $470.66 M price has been on a steady decline in the last few months, with most of its key metrics at their worst levels currently. Its market capitalization and trading volume have been fluctuating at an alarming rate. Most concerning is that whales within the ecosystem are in sell-off mode, offloading their holdings to acquire other crypto assets. It is not certain how much longer the LINK price can hold still.
Chainlink Key Metrics in the Negative Territory
According to CoinMarketCap, LINK is currently trading at $12.28, corresponding with a 2.54% dip over the last 24 hours.
So far, the price of this digital asset has dropped by 16% from its monthly high and roughly 55% from its Year-to-date (YTD) high. Also, this coin’s market cap is at $8.71 billion, making it the 12th largest cryptocurrency as of writing.
This price decline started in August, and since then, it has intensified significantly. At the time, investors were concerned about the United States’ tariffs on key economies as well as the Federal Reserve’s interest rate policy. These eventually triggered a general risk-off sentiment in crypto markets. There was a slight uptick in early December after the first Chainlink ETF by Grayscale went live for trading.
Back in late August, Chainlink-based Decentralized Finance (DeFi) applications had a Total Value Locked (TVL) of more than $1.13 billion. This metric has now declined to around $545 million, per DefiLlama data. Apart from the TVL drop, Chainlink has recorded a consistent drop in weekly fees since September.
Based on historic data, this situation is usually an indication of a slowdown in overall usage. It is also a sign of reduced demand for Chainlink’s services within the DeFi space. Still, some analysts expect LINK to experience a 1000% rally soon.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
