Cryptocurrency Market Round-Up

Typically, cryptocurrencies are termed as digital currencies and use blockchain technology to record every transaction. Chainlink (LINK) is a decentralized oracle network designed to deliver trustworthy, real-world data to smart contracts on the blockchain. Its native cryptocurrency, LINK, powers the network. By bridging the gap between on-chain and off-chain systems, Chainlink enhances the functionality of smart contracts self-executing programs that trigger actions based on predefined conditions. LINK has a market capitalization of ~USD 9.55 billion (as per TradingView as of May 08, 2025).

Last week, the S&P Cryptocurrency Broad Digital Market (BDM) Index started strong and maintained its upward momentum, climbing 57.24 points or approximately 1.12% to close at 5,180.17 on May 02, 2025. As the new trading week began on May 05, the index dipped into negative territory, though the broader cryptocurrency market remained in an uptrend. Major assets such as Bitcoin and Ethereum continued to post gains, reinforcing bullish sentiment and boosting investor confidence throughout the digital asset space. This sustained strength among leading tokens suggests growing resilience in the crypto market despite short-term fluctuations.

Having understood the S&P Cryptocurrency BDM Index movement over the last week and the scenario for the upcoming week, one cryptocurrency that seems ‘Attractive’ at the current level appears to be Chainlink (LINK)  based on the below technical parameters: -