The Chainlink coin set a new record high on Wednesday, although its major competitors continued to perform amid bleak market expectations.

The popular coin, LINK, which ranks 11th in terms of total market capitalization, rose by 27% this week to set its all-time high of $4.92.

It did similarly well against Bitcoin, which rose more than 22% and managed to reach 55,683 satoshis, becoming a major risk and reward asset for both the dollar and the cryptocurrency.

Bitcoin, the leading currency, has also rebounded 2.67% since Monday after closing last week with a loss of more than 15%.

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Similarly, both Ethereum and Ripple gained between 1-2%, showing a clear lack of bullish bias in their markets.

The letter “M” and the “LINK” revolution

Chainlink’s latest gains seem to stem from a rumor that the blockchain platform is about to make a “huge announcement”.

Community members claim that Chainlink’s founding team is closed to signing a major deal with a company that begins with the initials “M”.

Tell the addicted little bird that there is a huge advertisement for $ . link Tomorrow and start with the letter “M” #chain link

– Chainlinkjinki (Chinlinkjinki) March 3, 2020

This made social media open to different interpretations, with some claiming that the “M” belongs to Microsoft, the tech giant, for its history of blockchain technology experiments.

The recent rally in the LINK currency made many traders decide to go ahead and take their profits out of it and exit their long positions for temporary gains.

At the same time, the arrival of an actual big announcement raised hopes for a continuation of the bullish trend in the LINK markets.

Read:A record rise in the search rate on “Uniswap” in “Google” coincides with the approaching launch of “Uniswap V3”

Among the positive statements that hope LINK will reach record prices, are the following:

If we get big news tomorrow, Chainlink will increase as it did in June from Google’s announcement.

It would be inconceivable not to see LINK reach $8-10 if this ad was similar.

What is the secret of the rise of LINK coin?

Chainlink’s gains have attracted enthusiasm within the crypto community, but some analysts are still concerned about the lack of strong fundamentals behind it.

He confessed “Andran’, who is a full-time cryptocurrency trader, said he admired LINK’s “crazy” price for bitcoin, but compared it to an overbought financial bubble that could pop up at any time.

$ . link Officially up to 50 times BTC from ATL. Honestly, I admire her crazy performance.

Can anyone stop this bubble? pic.twitter.com/8QbD194Tfl

Read:Cardano founder shares his thoughts and insights on Ethereum-based Dapps

– Anondran (AnondranCrypto) March 3, 2020

On the technical front, LINK was trading close to the overbought territory according to the RSI readings.

This left many opportunities for traders to take profits and find more support matches to the LINK coin (the closest one is $4.10)

Overall, at an all-time high, the crypto symbol is without historical resistance.

Let’s see how the “M” factor will affect the course of a currency’s value?

Read also:

3 Reasons the Team of ChainLink and LINK Are Bullish on 2020

Report: LINK coin manipulation of prices with what is known as “Pump and Dump”