Chainlink (LINK) rallied 4% today to trade close to the $15 mark. After surging to $16 in mid-November, LINK entered a correction phase but appears to be recovering lost ground.
On-chain analytics firm Santiment reported that Chainlink recently witnessed a spike in transactions from older coin holdings changing wallets. Historically, such significant movements of aged coins are often followed by major price swings.
For example, a similar pattern in mid-September preceded a 31% price increase over the following two weeks.
Prominent crypto analyst Ali Martinez also noted the altcoin’s largest single-day sum of whale transactions for 2023 on Nov. 28th, with over 2,600 transfers exceeding $100,000 each.
This unusually high activity among large-volume holders points to accumulating interest that could foreshadow a broader market movement.
On the protocol development front, Chainlink has launched the mainnet rollout of version 0.2 of its native staking mechanism after first introducing staking capabilities in December 2021. This upgrade expands the total staking pool size to 45 million LINK tokens, representing 8% of the circulating supply. The pool size has increased by 96% compared to the original 22.5 million LINK allotted at launch.
There is currently a nine-day priority migration window open for existing stakers to transition their assets to the new contract. Subsequently, a four-day early access period will allow prospective stakers holding over 15,000 LINK to participate before fully opening to the public.
Expanding staking access and rewards allows the network to further decentralize and secure the oracle infrastructure underpinning much of the broader blockchain ecosystem. As the dominant industry leader in oracles, Chainlink’s ongoing development continues to strengthen its market position.
On the technical analysis front, the daily Relative Strength Index (RSI) indicator currently sits at 48. An RSI below 50 typically signals negative short-term momentum, while a cross above 50 often precedes a relief rally. Given the recent oversold conditions, traders anticipate a pushback above $16 if buying volume continues accumulating.
Bitcoin Minetrix Hits $4.5 Million
Despite broader uncertainties across cryptocurrency markets, one project attracting attention is Bitcoin Minetrix (BTCMTX). Its ongoing presale has amassed over $4.5 million from investors enthusiastic about this innovative cloud mining concept.
With the stage nine presale round closing in just over two days, the current token price of $0.0119 offers the most affordable entry point. This figure will rise by 10% in each subsequent sale stage as launch approaches.
Bitcoin Minetrix operates as a tokenized Bitcoin cloud mining platform, differentiating itself through efficiency optimization and a focus on user experience. While individual at-home Bitcoin mining has posed increasing challenges recently, BTCMTX makes participating in mining the world’s most prominent cryptocurrency accessible to anyone interested.
The ecosystem also enables staking BTCMTX to earn credits for additional Bitcoin mining, enhancing miner rewards. This cloud-based approach provides a reliable alternative to problematic cloud mining schemes while preventing issues like excess heat, noise, and technical complexity associated with physical mining equipment.
The initiative has built credibility based on a dedication to security and transparency within the platform and token distribution process. Users can seamlessly acquire and stake tokens using leading Ethereum-compatible wallets like MetaMask.
This accessible solution offers multiple benefits, including low onboarding costs, a straightforward user interface, and simplified mining without direct hardware oversight needed. After purchasing and staking tokens, investors can immediately begin accumulating Bitcoin rewards.
However, the primary advantage is democratizing participation in mining the world’s preeminent cryptocurrency. By lowering barriers to entry, both financially and technically, the platform and BTCMTX token have resonated with a wide cross-section of presale investors. This instant mining accessibility holds particular appeal for those previously priced out of Bitcoin mining engagement.
Innovative crypto projects like Bitcoin Minetrix hold the potential to fundamentally shift industry paradigms. Given Bitcoin mining’s entrenched status within blockchain networks, the proposed cloud solution carries substantial contemporary relevance.
According to crypto analyst Joe Parys, Bitcoin Minetrix exhibits serious upside potential thanks to streamlining cloud mining for regular investors. By handling complexity behind the scenes, it offers a straightforward path to earn from Bitcoin mining minus common pain points like excessive heat, noise, and operational overhead.
To participate in Bitcoin Minetrix’s cloud mining infrastructure, investors stake BTCMTX tokens to earn credits that convert to Bitcoin mining time and associated rewards.
This cloud-based approach reduces risk compared to direct investment in physical hardware or mining contracts. Participants can freely adjust staked tokens or sell on exchanges in response to market conditions, while decentralization prevents withdrawal delays that previously impacted mining platforms.
Overall, by opening Bitcoin mining to a wider audience, Bitcoin Minetrix demonstrates how crypto innovations can drive financial inclusion and access for diverse investor groups.
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
