Onchain Insights

The Chainlink Bull Run From a Blockchain Perspective

Image for post
Image for post

This is a portion of a newsletter from the IntoTheBlock team that focuses on weekly data insights about the crypto market.

You can subscribe at: https://share.hsforms.com/1BIGbqGDERICP-iS0RGI1eg39rm8

Hey onchainers,

Welcome to IntoTheBlock’s newsletter. We are trying to create a different newsletter for crypto fans. Not about news but about data and analytics. Every week, we are going to try to deliver valuable data insights about the crypto market.

The crypto market is down this week 7.27%. Bitcoin price decreased by 5.57% to $9,638.54 after reaching the $10,000 mark last year. Using our In/Out of the Money Around Current Price indicator (IOMAP), we see that there’s a strong level of resistance between $9,700 and $10,000, where 1.11m addresses bought 1.02m BTC at an average price of $9,848. In order for Bitcoin to reach $10,000 again, it needs to pass this selling wall.

The coin of the Week: Amazing bull run by Chainlink in 2020? The crypto-asset is 142.2% up this year, so we decided to compare it asset against Bitcoin using some of IntoTheBlock’s top metrics. And we are not talking about price, check the details below.

ITB Bitcoin Update: $9,638.54 (4am EST 02/21/2020)

Every week, the IntoTheBlock team gives you a summary of what we’re seeing in Bitcoin. This week we are using the “In/Out of the Money” and “Unspent Transaction Outputs Age” indicators.

In/Out of the Money

What does In/Out of the Money mean?

For any address with a postitive balance of tokens, ITB identifies the average price (cost) at which those tokens were purchased and compares it with current price.

77.7% of Bitcoin Holders are in the money based on the current price of $9,638.54. Bitcoin’s weekly price decrease of 5.57% led to a decrease of 8.26% of the number of addresses in the money.

See the In/Out of the Money indicator here

Image for post
Image for post

Large Transaction Adjusted Volume in $

What does Large Transactions mean?

*Intotheblock defines Large Transactions as transactions greater than $100K USD

Even though the price of BTC decreased by 5.57%, Large Transaction average for the last 7 days = $5.69BN/day, representing a 12% increase vs last week’s average of $5.07BN/day.

See the Large Transactions indicator here

Image for post
Image for post

ITB Coin of the Week vs BTC

Coin of the Week: Chainlink

The “Coin of the Week” section evaluates an alternative cryptocurrency. This week, we focus on Chainlink using our “Large Transactions” and “Active Addresses Ratio” indicators.

Net Network Growth

What does Net Network Growth mean?

*Intotheblock gives a pulse of the true growth of the network underlying an asset (new addresses — addresses that go to zero)

Image for post
Image for post

Bitcoin averaged a total of 407 thousand new addresses per day vs 377 thousand addresses that went to zero per day.

The Bitcoin network grew at a positive ratio with an average of 30.7 thousand daily addresses in the last 7 days.
Total network growth: 215.31 thousand addresses.

See the Addresses Stats indicator here.

Image for post
Image for post

Chainlink average a total of 1,480 new address per day vs 862 addresses that went to zero per day.

Chainlink’s network grew at a positive ratio with an average 623 daily addresses in the last 7 days.
Total network growth: 4,300 addresses

See the Addresses Stats indicator here.

Ownership by Time Held

What does Ownership by time held mean?

*Intotheblock defines Hodlers as passive investors that have held the asset for more than 1 year, Cruisers have a holding period of 1 to 12 months, while Traders hold the asset for less than 30 days.

Image for post
Image for post
Image for post
Image for post

Bitcoin HODLING is strong. The number of addresses holding BTC for 1 year+ is at its ATH with 18.19m addresses, representing 63.57% of the total addresses.

The number of addresses holding between 1–12 months = 8.11m addresses (28.35%)

New addresses entering the network and actively trading represent 8% with 2.31m addresses

See the Ownership by time held indicator here

Chainlink number of addresses keep rising. The number of addresses holding LINK for 1 year+ = 20.17k addresses, representing 20.01% of the total addresses with a balance in LINK.

The number of addresses holding between 1–12 months = 64.25k addresses (63.72%)

New addresses entering the network and actively trading represent 16.27% with 16.41k addresses.

See the Ownership by time held indicator here

Written by

CEO of IntoTheBlock, Chief Scientist at Invector Labs, Guest lecturer at Columbia University, Angel Investor, Author, Speaker.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store