Why Chainlink, AAVE & Polygon are Volatile this week
The crypto market has noted a moderate recovery over the past day. While Bitcoin noted a 1% incline in the last 24 hours, Ethereum and other top Altcoins like Chain LINK fetched slightly higher returns. Consequentially, the crypto market cap was hovering close to $970 billion at press time , up by 1.4% when compared to yesterday. Cryptos on radar: LINK, AAVE, MATIC With no clear directional bias being established yet, market participants have gradually been cashing out profits from their altcoin investments. Take the case of LINK and MATIC itself. The ratio of on-chain transaction volume in profit to loss for both the cryptos has been hovering above 1 [to be precise, at 1.26], confirming the said behavior pattern. For DeFi token AAVE, on the other hand, the profit:loss transaction ratio stood below 1, at 0.59. And as illustrated below, AAVE corrected after profits were booked by its investors. Given the current market sentiment, if Bitcoin stabilizes, then the said to...