Chainlink (LINK), one of the most popular altcoins in the crypto market, is rallying lately even when the Bitcoin (BTC) price is consolidating. Its futures market is witnessing reignited interest. Over the last 24-hours, the LINK price against the US Dollar (LINK/USD) has hit an all-time-high (ATH) of US$23.59 on the charts.
At the same time, the Futures Open Interest (OI) of LINK shot through the roof. Bybt’s data shows that LINK’s Futures OI has hit an all-time high of US$294.75-million. Open Interest signifies the total number of outstanding contracts that are held by the futures traders at the end of the day. Futures OI helps in measuring the total activity level in the futures market.
Binance has recorded the highest surge in Open Interest among all the cryptocurrency exchanges. All-time high OI for LINK has been registered on an institutional level too. LINK’s Futures OI ATH was US$140.07 on Binance, US$74.01 million on FTX, US$25.34 million on Huobi, and US$22.23 million on Bybit.
The significant rise in the Future market’s Open Interest is mainly due to the rallying spot market. At the time of writing, the price of Bitcoin against the US Dollar (BTC/USD) was consolidating and almost remained unmoved. However, on longer timeframes, the LINK/USD pair registered a significant hike. This phenomenon is very important for traders to note. As Chainlink is not correlated with Bitcoin, the price of this altcoin (unlike most others) has not been affected adversely.
While the correlation between Bitcoin and Ethereum was at 0.6358, the same between Bitcoin and LINK was just 0.4722. Whenever BTC price is consolidating or slumping, its low correlation with LINK has helped the latter from adverse price actions.
As the LINK/USD pair reached an all-time high and the Open Interest reached a new peak, the active addresses on the LINK network increased significantly. The main reason why LINK’s price is reaching a new high is its growing adoption. Poolz project (a cross-chain swap and auction protocol) is one of the latest projects that adopted Chainlink oracles. While Poolz is integrating Chainlink VRF on the mainnet, SynLev is integrating the Chainlink YFI/USD price feed on the mainnet.