LINK, the cryptocurrency token that powers the Chainlink decentralized oracle network, suddenly surged by 9% in early Friday trading, rising from $12.98 to $14.41.
Reasons for LINK's Price Surge
At the time of writing, LINK was up 8.39% in the last 24 hours to $14.27. Chainlink's price increase remains significant as a handful of assets traded in red. The crypto market saw mixed price action as investors digested new consumer sentiment data, which pointed to greater inflation expectations. The Federal Reserve is scheduled to meet next week, and traders expect the central bank to maintain interest rates at present levels.
Positions of Other Cryptocurrencies
Bitcoin (BTC) continued to struggle as it battled to remain above $83,000. The top cryptocurrency by market capitalization is currently up 2% for the day. It fell 13% in the first quarter and is nearly 30% below its all-time high in January.
LINK Movements on Major Exchanges
In recent hours, a significant amount of LINK has been on the move as large holders respond to the recent Chainlink price movement. According to SpotOnChain, a large whale spent $7.1 million USDC to purchase 506,226 LINK at an average price of $14.03 early Friday. To fund the transaction, the whale sold 1,108.83 ETH for $2.1 million USDC and took out an extra $5 million USDC from Spark. Despite the price increase, the whale's long position now shows an unrealized loss of $194,000.
The 9% surge in LINK's price highlights the volatility of the crypto market and the response of holders to market changes. With inflation expectations rising and the Federal Reserve meeting ahead, it remains to be seen how future developments will unfold.
