Chainlink (LINK) hit a new all-time price of $ 27.02.
The LINK has experienced a daily rate of rise of around 1% throughout its market cycles.
Its current cycle has the highest rate of increase
On February 5, 2021, Chainlink’s (LINK) price hit an all-time high of $ 27.02, before declining slightly.
So far, Chainlink has gone through four major market cycles. Unlike the majority of other altcoins, the LINK has mostly moved bullish.
In this article, Bitcoin Revolution will take a look at these previous cycles and compare their development to that of the current market.
Chainlink’s first market cycle
The first market cycle for the LINK took place between September 2017 and June 2018.
The cycle started with a low of $ 0.12 on September 28, 2017. A rise of 1237% in 103 days followed this low, creating the first record price of $ 1.51. The latter was maintained until June 2019.
After hitting that high, the LINK corrected over the next 171 days. It finally stabilized at a low of $ 0.159 on June 28, 2018.
After that, the LINK price entered its second market cycle. It has not since returned to its low of $ 0.159.
The second market cycle took place between June 2018 and March 2020. This cycle experienced a significantly higher growth rate than the first.
In 372 days, the LINK rose 2,786% to a high of $ 4.80 on June 29, 2019. After breaking the initial all-time high of $ 1.51, the LINK continued to rise at an accelerated pace until ‚to reach $ 4.80.
The price then corrected for the next 258 days, decreasing by 72%.
Although the LINK technically hit a slightly higher high in March, due to the latter being part of a flat correction, we see it as part of the correction structure.
The third market cycle began on March 13, 2020 with a low of $ 1.34. It continued until reaching a high of $ 20.71 on August 17, 2020. The growth rate of around 1% per day was in line with that of the previous two market cycles.
After peaking in August, the LINK corrected 61% over the next 128 days. Similar to the second cycle, the LINK actually hit a slightly lower low a little earlier, but the final low of $ 8.03 is still part of the correction.
Since then, the LINK has been on the upswing. A new all-time high of $ 27.02 was hit on February 5, 2021.
Chainlink’s current market cycle has seen the highest growth rate to date. The LINK increased 198% in just 41 days, with a daily rate of increase of 5%.
If the LINK continues with the same growth rate, the current cycle will be the fastest yet, which will likely cause a parabolic rise.