Chainlink (LINK) is rising higher on Sunday and Monday morning as the altcoin market starts to climb higher.
The seventh largest cryptocurrency is up 5% over the past 24 hours, making it the best performing cryptocurrency among the top 10 by market cap. LINK is currently trading at an all-time high, after breaking out of its consolidation against BTC and the US dollar a few weeks ago.
The power of Chainlink coins comes as the CEO of Grayscale alluded to an upcoming announcement that many would expect regarding the popular cryptocurrency.
Chainlink soared higher on Grayscale rumors
Just minutes before writing this article, Michael Sonnenshein, CEO of Grayscale Investments, posted this somewhat confusing tweet below:
“follow CT, @Grayscale and I have something good for you to SA! (yes, that was the notice of the announcement). “
follow CT, @Grayscale and I have something good for you to SA!
(yes, it was the notice of the announcement)
– Michael Sonnenshein (@Sonnenshein) January 24, 2021
As you can see, it’s very vague. Despite reviewing company filings recently discovered online, many think that this is related to potential altcoin investment vehicles to be launched by the asset manager.
Grayscale Investments is a Wall Street digital asset management firm focused on giving institutional players exposure to Bitcoin and Ethereum. Although most of its managed assets are in BTC and ETH positions, the company provides investment vehicles for assets that follow the cryptocurrency risk curve.
Rumors have recently begun to circulate that LINK, along with several other altcoins from the 2017-2018 bull market, will be added to Grayscale’s box through a number of new Trusts. Trusts are Grayscale’s preferred investment vehicle.
As previously reported by livetechit on this matter, the documents were recently discovered online about a Grayscale Chainlink Trust. The Trust was created on December 18 as a Delaware domestic statutory trust.
Grayscale reliable link chain (LINK)
Filed on 18 December 2020 as Delaware Domestic Statutory Commission
– ChainLinkGod.eth (@ChainLinkGod) January 21, 2021
This drives speculation that content is being added to LINK.
The reason why this is so important is that it is believed that the inflow of capital into the various Grayscale Trusts is crucial in driving the crypto market higher. Grayscale provides services to institutional players who have attracted a total of more than $ 3 billion in capital into the crypto market through the company through the end of Q4 2020.
A demonstration replaces foam
This LINK price volatility came when the entire altcoin market saw some ridiculous price volatility.
While ghost chain currencies are dead, many decentralized financial (DeFi) coins are being truly revalued. There are countless DeFi coins up more than 30 percent in the past 24 hours.
Some are concerned that this rise in the face of Bitcoin’s stagnation is a sign of euphoria before the correction.
Chainlink, currently ranked 7th by market cap, is growing 1.77% in the last 24 hours. LINK has a market cap of $ 9.8 billion with a 24-hour volume of $ 3.88 billion.
Chainlink price chart
LINKUSD chart according to TradingView
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