Chainlink And AAve Soar To New All-Time High As BTC Struggles At $32K

Chainlink and Aave soar to a new all-time high while Bitcoin has a hard time sustaining the $32,000 price level. Following the latest market developments, we are taking a closer look at the prices of these assets so let’s continue below to our Chainlink news today.

Bitcoin’s price opened the weekend trapped in the $33,500 region and the $32,000 range as well but at the time of writing, the digital asset is having a hard time holding above $32,000. A few other analysts commented that the recent price losses of the momentum could be a sign of the institutional exhaustion with the selling pressure from Asia increasing. Despite bitcoin’s downtrend, some institutional investors are sticking to the prediction that BTC will reach $100,000 before this year ends. This suggests that the institutions are buoyed by rising investor sentiment and the new proposal for a Bitcoin ETF.
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While BTC is still having a hard time around the $33,000 level, the on-chain analyst Willy Woo sees one positive development for BTC, saying that the Bitcoin Spent Output Profit Ratio metric shows that the profit ratio of the coin by dividing the price sold by the price pair has reached a “touchdown.” According to Woo:

 “Full on-chain SOPR reset. Coins moving between investors per hour (24h MA) no longer carry profit on average. To push SOPR lower, investors would have to be willing to sell at a loss.”

Woo suggested that the investors are less likely to sell at the losses which is an early sign that BTC will be close to finding a bottom. DeFi tokens and altcoins continued to create their own way as BTC looked for more support. Polkadot, Curve DAO and Sushiswap rallied from 5% to 7% while Chainlink and Aave soar to a new all-time high. The surge in the price in other DeFi-related tokens has been a result of the increase in the DEX activity. The data from Dune Analytics shows that the DEX volumes increased since July 2020 and the total value locked in DeFi reached $23.89 billion.

Chainlink continued the strong rally and set a new all-time high of $25.50 and surpassed LTC in terms of total market cap to become the seventh biggest project listed on CoinMarketCap. Aave’s price broke to a new all-time high of $229 and the total value locked was $3.44 billion. The overall cryptocurrency market cap stands at $936 billion while bitcoin’s dominance rate is 63.5%.