fbpx

Altcoin Rally Continues: ETH, LINK and AAVE to Hit Historic Highs

  • The second-largest crypto ETH closed at new all-time highs on Sunday
  • Altcoin rally brought LINK and AAVE to new historic levels
  • Bitcoin under $35,000 since last Thursday

Ethereum

The price of Ethereum (ETH) tested the new record levels on Sunday. Ether, the native currency of the Ethereum blockchain, broke its previous all-time high (ATH) and set the new top value of $1,459.93.

The last time Ethereum hit record levels was three years ago when it topped $1,448 on January 13, 2018.

The second-largest digital asset approached the new ATH last week, when it reached $1,424.51 on Tuesday, January 19 before sharp correction. The coin lost almost 25% in three days, however jumped up by 36% since then to hit the new levels. It increased almost 18% in the past 24 hours.

Ethereum’s record move comes amidst a significant DeFi (decentralized finance) bull run. The coins of various decentralized finance protocols were also hitting ATH levels this weekend.

Chainlink

Chainlink (LINK) climbed nearly 15% within 24 hours and set a new record of $25.37 on late Saturday evening. The coin has been one of the best performing assets within the past 30 days marking the 113% growth.

LINK, the native currency of decentralized oracle network developer Chainlink, has reached its previous record high of $19.90 in August 2020. The coin also grew nearly 890% since January 2020, when its price sat at around $2.5.

The recent LINK rally might partially be related to Grayscale. According to the rumors circulating in the crypto sphere, the biggest digital asset manager might be interested in creating its LINK Trust in the near future.

The coin trades at around $24.60 at the time of publishing and is ranked 7 biggest currency by market capitalization of nearly $10 billions.

AAVE

Another widely popular and leading DeFi (decentralized finance) project AAVE has also seen record highs this weekend. The non-custodial lending protocol reached the new top of $280.71 on late Sunday, January 24.

The coin has grown in value by more than 30% in the past 24 hours and almost 220% in the last 30 days. According to CoinGecko, it is the 16th biggest digital currency with a $3,1 billion market capitalization.

The current DeFi rally is one of the main reasons behind AAVE price growth. The protocol that recently implemented Layer-2 scaling solution possesses over $3.83 billion locked in it and is the second biggest DeFi protocol after the MakerDAO.

On the flipside

  • Crypto investor Raoul Paul welcomes the exponential bull rally but warns of the FUD in the near future.
  • Around $3.5 billion worth of Bitcoin options contracts expire on Friday, January 29, volatility is expected to remain high.

Altcoins are rallying for solid gains while Bitcoin is falling from its record highs of $41,940.09 on January 8. The crypto flagman is 21.3% below this ATH and trades at around $33,000 at the time of publishing. Last week the experts warned of a market bubble and many investors started rushing to secure profits.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Rate This Article
In order to improve, we give you the opportunity to rate DailyCoin content
Author

DailyCoin is an online media outlet, with a focus to cover blockchain and crypto news, opinions, trends and helpful articles. We focus on delivering fast and objective news about cryptocurrencies and crypto markets with a swirl of passion. Our dedicated and motivated global team is here to deliver the highest quality content. If you want to collaborate with DailyCoin and become our contibutor, please contact us at [email protected]