Investors particularly prefer Bitcoin and Ethereum. Always have and maybe always will. Recently, however, some of that interest has flowed into the market’s altcoins. And for this very reason, this pair of altcoins seems like a hot choice to invest in.
Both Chainlink and Uniswap have seen some very important local highs recently, so it’s worth taking a close look at both of them.
The $ 30 altcoins
Chainlink finally broke the three-month-old $ 30 mark today, when it was trading at $ 31.1 at press time. Uniswap broke the same price level 2 days ago before the SEC’s investigation into Uniswap Labs sparked some fixes.
Even so, those two altcoins have done pretty well, as LINK is up 22.86% this week alone while UNI is up by 17.42%.
For LINK, that meant a nearly 50% recovery since crashing from its ATH of $ 52.
However, regardless of price movements, investors have also favored bullish behavior. The daily transactions for the Altcoins were around 4k for UNI and 12k for LINK. At the same time, buying and selling were also strong for both cryptos.
In fact, the order books seemed to show that there is an increase in buying demand of UNI 200,000. In contrast, the sales orders for LINK were 1.5 million LINK.
But is the network a good choice?
At the moment the networks also seem to be in good shape. The MVRV ratio reached a 4-month high for both LINK and UNI. And yet, despite all of the upgrades to its network, Chainlink has enjoyed better development activity than Uniswap.
In addition, LINK has a better correlation with Bitcoin, with LINK at 0.72 and UNI at 0.36.
Recently, the KuCoin launchpad, which integrates with Chainlink for secure market exchange rate information, has put Chainlink in the spotlight. For Uniswap, this was achieved through the introduction of Arbiturm’s main network.
What is worrying for investors, however, is property, which is dominated by whales. Since both altcoins are forest-dominated tokens, they are always prone to flash crashes.
Every time whales decide to give up their stocks, retail investors face the heat as they will bear the most losses in such falls.
Hence, it would be wise to be careful and do a lot of research before entering any of these crypto markets.