The crypto market has been making major gains over the past few weeks. On November 10, Bitcoin (BTC/USD) created a new all-time high of $69K, which has created much excitement across the crypto community. However, what has stood out during the recent bull market is the sudden rise of old cryptocurrencies.
Chainlink (LINK/USD) is one of the oldest coins in the market, and over the past two months, it has gained by around 66%. LINK currently sits at a two-month high, with the current uptrend coming from investor interest in these old coins.
Number of LINK holders increases
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On-chain metrics show that the number of old addresses holding LINK tokens was more than 158,900. These addresses have held LINK tokens for over one year. These addresses have held LINK tokens for around 3.8 years, showing that they have been long-term holders of these tokens.
On-chain metrics are usually used to analyze the total number of wallets associated with a token and how much these wallet addresses have grown. However, the number of wallet addresses associated with a coin can also show investor sentiments about a coin.
The wallet addresses mentioned in the on-chain data hold around 691 million LINK tokens. During the past month, the number of addresses holding LINK tokens has grown by around 3%.
The majority of LINK holders are currently in the profit zone because they bought their tokens years ago. 9% of LINK holders who recently opened their positions have started to break even. At the time of writing, LINK is trading at $36 after a 5.4% growth in 24 hours.
Litecoin is also gaining
As mentioned earlier, old cryptocurrencies seem to be regaining their momentum and popularity, and the other coin that has taken investors by surprise is Litecoin (LTC/USD). During the past week, Litecoin has gained by over 30% due to increased buying support. Currently, LTC is ranking as the 14th largest cryptocurrency by market cap.
The gains of these old coins have been attributed to inflation fears. Institutional investors are flocking the crypto space with a preference for older cryptocurrencies that have strong use cases.
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