Crypto analysts use a variety of metrics to determine any fundamental benefits that could affect the long-term price growth of the asset. One such metric is on-chain activity, and according to a prominent crypto analyst, few altcoins are as “attractive” as Chainlink – a crypto asset that recently took the market by storm – when comparing on-chain activity data.
Chainlink On-Chain Activity Among Strongest in Altcoin Market
On-chain activity is a data point crypto analysts often look at when performing fundamental analysis of a crypto asset. On-chain activity represents all of the transactions being broadcast across a crypto asset’s network and includes everything from payments, to transferring funds to exchanges or wallets, and more. The idea is, the more activity the crypto asset has on its network, the more valuable that network is and can grow larger more rapidly via a network effect.
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When it comes to the altcoin market, on-chain activity is dwindling across the space as the hype and interest in crypto and blockchain has fizzled and begun to instead focus on Bitcoin and its new narrative as a safe haven asset . However, there is one “attractive” standout, according to prominent crypto analyst Josh Rager , and that’s Chainlink , an altcoin that enjoyed its time in the limelight in recent weeks as it made headlines and went on a powerful rally.
Looking into #onchain network activity can be a good way to select assets to invest in during the bull market