One of the market’s most-popular altcoins, Chainlink [LINK] has been rallying lately, with its Futures market seeing a lot of reignited interest as well. With the value of the cryptocurrency hitting an all-time high of $23.59 on the charts over the past 24-hours, the Futures Open Interest also shot through the roof.
In fact, according to data provider Bybt, LINK Futures OI hit an all-time high of $294.75 million.
Source: Bybt
Although the Open Interest was surging across exchanges, Binance was the one leading the charge. On an institutional level, Binance too was registering an Open Interest ATH for LINK, with the figures for the same as high as $140.07 million. On the heels of Binance were FTX with an OI of $74.01 million, Huobi with an OI of $25.34 million, and Bybit with an OI of $22.23 million.
The said surge in Open Interest was sparked mainly by the rallying spot market. While Bitcoin remained unmoved, at the time of writing, LINK’s market was registering a hike of exponential proportions on longer timeframes. One of the reasons why this has been the case is because compared to most alts, LINK isn’t as correlated with Bitcoin, which is why it’s not as impacted by the world’s largest cryptocurrency’s spot market.
Source: CoinMetrics
The attached chart highlighted that while the strong correlation between Bitcoin and Ethereum was at 0.6358, the correlation between Bitcoin and LINK was just 0.4722. This low correlation has helped keep the price of LINK in check, whenever the BTC market has seen consolidation or registered a big blow from any price dumps.
With the price hitting an ATH and the OI reaching a peak, the active addresses on LINK’s network have also been surging.
?? The best kinds of #AllTimeHighs are when projects like #Chainlink, which hit $22.42 today, are backed by great fundamental usage. With this historic achievement, our metrics indicate that $LINK had the highest day of active addresses in ~5 months. ? https://t.co/KzjC2tpOUL pic.twitter.com/i4jtVVk9u5
— Santiment (@santimentfeed) January 16, 2021
The growing adoption of Chainlink has been the driver of its higher price and higher interest. Recently, Chainlink oracles were announced to have been adopted by projects such as Poolz. The cross-chain swap and auction protocol Poolz announced the integration of Chainlink VRF on the mainnet, while SynLev integrated Chainlink YFI/USD price feed on the mainnet too.
