I have 3 theories on what happened today and I want to understand what drove up the price. It could be a combination of two or all of these theories tho.
1) Chainlink got a lot of publicity the last couple of weeks, from mainnet to Google to Oracle to general articles about it being the best performing crypto for the last year. It got onto many "mainstream crypto" channels, got explained to normies there, the Google tweet basically went viral on twitter. So basically, we went into awareness phase and it took a while for the herd to digest the news, understand the value proposition and the significance of the problem, understand how unique the prestige of those partnerships is in crypto and after some time the majority understood, got confident and bought in, FOMO arose in laggards and now we're here at 4.5$ or something.
2) Binance was the monopoly on LINK trading and buying and there was always the rumor of price manipulation through BTC and Tether whales, manipulating the shit out of LINK without being visible to authorities for market manipulation. Now that we're not coinbase, this isn't possible there as it is the most regulatory compliant exchange dealing with FIAT money. If you observed the price closely, it all started on Coinbase. It was constantly 20-50 cents higher than on Binance and the only selling was done for the sake of arbitrage. Binance couldn't hold the resistance and sell orders there were pulled and real price discovery happened as whales and manipulators got BTFO by real volume on Coinbase.
3) Crypto projects, startups and big corps were accumulating for weeks or months to use LINK as payments for reliable data for their use cases and the supply basically dried up and the price popped. Maybe something TA related that triggered accumulation bots as well?
As I said, it could be a mix of all of the above. Do you have any particular theories on what went down today?
