The trust is currently trading at a 223% premium, showcasing strong interest from financial institutions in this digital asset investment product.
GLNK, priced at $44.11 per share, has experienced a significant 223% increase, indicating robust demand from institutional investors seeking exposure to the native asset of decentralized oracle provider Chainlink.
This Grayscale product provides institutions with a way to participate in the LINK market without directly investing in the cryptocurrency.
Each GLNK share represents exposure to approximately 0.93 LINK. Over the past month, Grayscale’s product has seen a 120% increase.
🔗🐳 The incredible #Chainlink surge has not slowed down, and #crypto's 12th largest market cap asset continues to run notably ahead of the rest of the sector. Dormant tokens are now circulating, & wallets with 10K-10M $LINK have historically accumulated. https://t.co/Lg4VwogGWD pic.twitter.com/njnYroaBTD
— Santiment (@santimentfeed) November 8, 2023
LINK Takes Off and Seems To Have No Ceiling
This surge in the trust’s value aligns with the exceptional performance of Chainlink, outpacing the majority of its competitors in the cryptocurrency market.
According to the latest data from CoinMarketCap, Chainlink is ranked 12th by market capitalization.
It is currently trading at $14.75, with a 5.1% increase in the last 24 hours, over 32% in the past week, and a 101% rise in the last month.
In comparison, the total cryptocurrency market capitalization has increased by approximately 25% in the last 30 days, reaching $8.028 billion.
The trading volume in the last 24 hours has seen an impressive growth of almost 92%, with transactions amounting to around $1.555 billion.
Cryptocurrency analyst known as The Flow Horse, suggests that LINK’s rally might just be beginning, alleviating concerns for those hesitant to invest and indicating that current prices will likely seem insignificant in the context of the market’s future growth.
However, another analyst, Rekt Capital, anticipates the possibility of LINK retracing to around the $11 level at some point to retest its previously surpassed resistance line.
He emphasizes the importance of confirming a sustained bullish trend by retesting the macro downtrend as support, especially if a rejection from the resistance line occurs.