Small Alt Makes Big Gains When Most Others Stagnate
While Bitcoin is constantly soaring to new yearly highs, most alts remain somewhat stagnant. Bitcoin broke $11,400 earlier today, a 202% year-to-date price increase, while Ethereum is currently at $310 a 133% year-to-date increase. While Ethereum's gains are more impressive than most traditional investments, it and many alts cannot compare to Bitcoin.
A Challenger Appears!
Surprisingly, there have been a handful of alts that managed to outperform Bitcoin. The best of these alts has been Chainlink. The lesser known alt has managed to make surprising strides in 2019, with its price jumping from $0.28 to $2.16, a 671% increase. Chainlink not only gained ground against the dollar, but also in BTC/LINK and ETH/LINK pairings.
The cryptocurrency has also begun to draw the attention of crypto influencers on Twitter.
It appears that even with these massive gains, Chainlink has possible room to grow.
What's Chainlink All About?
In a nutshell, Chainlink is a decentralized oracle service which connects data from the internet to smart contacts on the blockchain. There seem to be 3 main motivators behind its rise in price.
1) Interesting technology with real world use cases.
2) Partnership announcements and rumored partnerships.
3) A supportive community reminiscent of Dogecoin which meme non-stop
Where is Chainlink Heading?
Should this massive rally continue, we can very easily see Chainlink enter the top 20 cryptocurrencies by market cap. Pricewise, depending on market conditions, should the positive sentiment continue $3 is very well within the realm of possibility.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado