Chainlink (LINK) recently broke into the top ten cryptoassets by market capitalization following a surge in interest for the coin over the last several weeks.
According to a report by on-chain analytics firm Glassnode, Chainlink has hit multiple all-time highs over the past month as the altcoin market has undergone a price surge. Glassnode declared LINK to be one of the biggest winners from the renewed interest in alts, reaching a price high of $8.75 on July 16.
The report claims exchange inflow for LINK has spiked since the beginning of the month, with deposits reaching an ATH. Glassnode found that around 5,000 individual deposits were made on July 4th alone, totaling nearly 4 million LINK ($19 million at the time) and pushing the net flow for the coin to its highest point in over a year.
The analytics firm also found an increase in liquidity for the coin, supporting the recent price hikes.
The report reads,
In the days following these waves of deposits, the volume of LINK being traded on exchanges has increased significantly – by some accounts exceeding $1.49 billion in a single day of trading – providing the liquidity behind the recent price spikes.
In addition to exchange liquidity, Glassnode found an increase in on-chain LINK adoption, with withdrawals rising alongside deposits. The analytics firm said the number of new addresses acquiring LINK per day has reached an all-time high, as well as the total number of address holding the altcoin.
The Glassnode report warned the recent price pumps may result in price correction in the near-term, but concluded that LINK appears to be growing “ever-stronger” in terms of its investment base and price fundamentals.
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