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09.12 - 23:43
The how, when, why of Chainlink hitching a ride with Bitcoin, to get to $40
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Ever since 2018, Chainlink has shared quite a good bond with Bitcoin. Whenever the king coin pumped, so did LINK. Similarly, whenever BTC lost value, LINK followed in its footsteps.
Over the long term, having a strong correlation with Bitcoin is undeniably healthy. But, in the short term, especially during periods of downtrends, this factor has acted like a major spoilsport for LINK.
Bitcoin-Chainlink correlation || Source: CoinMetrics
LINK witnessed quite a good rally in the period between 22 September to 10 November. In the aforementioned timeframe, the alt’s value witnessed a massive jump from $21 to $38.
Nevertheless, as BTC started going south, LINK was forced to deviate from its uptrend. And in effect, the alt was back to square one, at
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