Cryptocurrency investors are seeing red this week, as are investors in the stock market and just about any financial market due to widespread fears over the coronavirus.
But there’s one cryptocurrency that is defying all odds and market conditions and has just reached above its previous all-time high daily close.
Chainlink Eyes New All-Time High Even Admist Coronavirus Market Crash
Chainlink is the cryptocurrency industry stand out of the last year.
It was a top performer during 2019, even while other assets were falling, the altcoin kept on rising.
The cryptocurrency asset is showing its resiliency regardless of market conditions once again and is defying all odds to potentially set a new all-time high even during one of the most extreme market selloffs the world has seen in years.
Not only has Chainlink held up particularly well, even rising amidst the economic turmoil, it is well on its way to setting a new all-time high against Bitcoin on the LINK/BTC trading pair.
— Crypto Moriarity (@MoriarityCrypto) February 28, 2020
The current all-time high rests at 48750 sats, however, the highest daily candle close tops out at 46500 sats.
Right now, Chainlink is trading at 47000 sats, and if the daily candle can close at this level, it will be a new record for the asset’s highest ever daily close.
Such a strong showing by Chainlink even despite a widespread selloff is nothing short of amazing, and breaking a record for highest daily close during this steep collapse will likely cause it to set a new all-time high and close above the former level.
Chainlink’s all-time high on USD price charts currently rests above $4.80. The unstoppable altcoin is currently trading at just $4, after reaching as low as $3.25 cents in the recent crypto market crash.
This Cryptocurrency May Be Unstoppable in the Next Bull Run
The altcoin is overperforming against Bitcoin and the rest of the crypto space, but still has ways to go before setting another new all-time high.
However, give the fact that there’s no major overhead resistance, breaching above the level is likely to send the asset into price discover mode, where investors push the price of the asset to new heights before psychological resistance levels are reached and set.
Cryptocurrency asset valuations are primarily based on speculation and hype, and with the incredible potential that Chainlink offers, it is easily among the most hyped altcoins of the current crypto market cycle.
Analysts expect the likes of Chainlink, Tezos, and other, shiny new altcoins to outperform the altcoins of the last bubble, as holders of those assets will need to sell on the way up to break even, where these new altcoins have nothing but upside in their future.