Bitcoin, Chainlink & Crypto – European Wrap 6 March

The short answer is no, well, not yet, at least. There’s little to no chance that bitcoin will fully replace gold in 2025. But the fact is that the crypto king is gaining ground, challenging gold’s dominance. Yet, gold’s historical reliability and bitcoin’s volatility keep this debate alive.

Chainlink (LINK) extends its gains by more than 4% on Thursday, trading around $17.22 after rallying nearly 13% in the last two days. On-chain data suggest a rally ahead as LINK’s long-to-short ratio reaches its highest monthly level and its funding rates are positive. The technical outlook suggests a rally continuation, targeting 30% additional gains ahead.

Crypto market capitalisation returned to the $3 trillion area towards the end of the week ahead of the first crypto summit in the Oval Office. In the short term, buyers on downturns were strong enough to buy back two powerful selloffs. However, an important test of the previous support level at $3.15 trillion is ahead.