Chainlink, a popular cryptocurrency, has seen its price surge to a three-year high as open interest in its futures market spiked to an all-time high. On December 12, Chainlink’s price reached its highest level in nearly three years, hitting $29.45. This significant price increase came as the futures open interest for Chainlink reached $770.27 million, according to data from Glassnode, a provider of on-chain and financial metrics.
The surge in Chainlink’s price and open interest indicates a bullish sentiment among investors. Glassnode’s data also revealed that Chainlink’s open interest was nearly three times higher than that of Toncoin (TON) and twice that of TRON (TRX), which stood at $259 million and $356 million, respectively.
Despite some profit-taking in the spot market, analysts believe that bulls still have the upper hand in the market. Glassnode noted that while speculative traders were selling off their holdings, long-term holders remained relatively quiet. The fundamentals of Chainlink are also said to be improving, with active addresses trending higher.
Chainlink’s recent price surge has been supported by key ecosystem partnerships, including collaborations with World Liberty Financial and Emirates NBD Digital Asset Lab. These partnerships aim to bring decentralized finance to mass adoption and facilitate asset tokenization and digital asset management.
In addition to these partnerships, Chainlink has also integrated with leading institutions such as Swift, SBI, and UBS. These collaborations have contributed to Chainlink’s recent success in the cryptocurrency market.
Overall, Chainlink’s price hitting a three-year high and the spike in open interest in its futures market indicate a positive outlook for the cryptocurrency. With improving fundamentals and key partnerships in place, Chainlink continues to be a top performer in the cryptocurrency space.