Cryptocurrencies Price Prediction: Bitcoin, Litecoin & Chainlink – European Wrap 8 January
|Week Ahead: Bitcoin ETF countdown begins
This week is extremely important due to the Bitcoin spot ETF approval deadline. This week will end investors’ years of waiting to get a Bitcoin ETF approved by the US Securities and Exchange Commission (SEC). As a result of this crucial event, it could bring in volatility like never before.
On Thursday, the US Bureau of Labor Statistics will announce the inflation numbers for December. The headline inflation number was 3.1% for November, and forecasts currently sit at 3.2%, a slight increase.
Why Litecoin active addresses spike is not a bullish sign
Ordinals made headlines for congestion on the Bitcoin blockchain, the NFT-like assets have caused a spike in active addresses on Litecoin (LTC). The surge in address activity is therefore unlikely to fuel a rally in LTC as the hype surrounding ordinals increases.
Litecoin blockchain’s active addresses crossed 697,000 (at the time of writing) in the past 24 hours, according to data from BitInfoCharts. The number eclipsed Bitcoin and Ethereum’s active addresses, supporting the thesis of rising activity on the Litecoin blockchain.
2 Million Ordinals have been inscribed on Litecoin in 2024! In just one week!! #Litecoin⚡️ $LTC #LTC20 pic.twitter.com/LTe6zCEY4N
— Litecoin (@litecoin) January 7, 2024
2 Million Ordinals have been inscribed on Litecoin in 2024! In just one week!! #Litecoin⚡️ $LTC #LTC20 pic.twitter.com/LTe6zCEY4N
— Litecoin (@litecoin) January 7, 2024
Chainlink supply on exchanges hits six-month low, fueling LINK price recovery thesis
Chainlink (LINK) price fell nearly 11% in the past week amidst speculation of Bitcoin Spot ETF rejection by the US Securities and Exchange Commission (SEC). The blockchain oracle token’s on-chain metrics paint a bullish picture for LINK price recovery this week.
A decline in Chainlink’s supply on exchanges and a rise in total wallet addresses could help LINK erase some of its weekly losses, and begin a recovery. The altcoin’s supply on cryptocurrency exchanges has hit a six-month low at 8.46% of the total Chainlink supply, according to data from Santiment, a crypto on-chain and social media market tracker.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.