Chainlink Soars While Bitcoin Remains Dormant
Chainlink (LINK) has had a strong following since its ICO in 2017 which grew even stronger recently. This includes the popular Youtuber Ben Philips, former NBA player Kris Humphries, and many others. Chainlink's community likely played a part in boosting LINK into the top 10 cryptocurrencies.
Another factor is Chainlink's many integrations, partnerships and pilot programs. Beyond the long list of DeFi integrations which includes Bancor, AAVE, & Kyber network, some big names in the world of tech have taken interest in decentralized oracles. This includes Google, Oracle and others.
It seems that many are interested in Chainlink's decentralized oracle services, which essentially inject data into the blockchain. The tech behind the project has been commended by many within the world of programming.
This trifecta have managed to help push LINK to become one of the most in-demand cryptocurrencies.
LINK and the Markets
LINK has had one of the dramatic rises to the top seen in recent years. Earlier today LINK was trading at $8.00. It rose by 23% in the past 24 hours and is currently trading at $7.85 or 0.00084334 BTC. During the past 30 days, its value managed to grow by 92%.
Considering that LINK was trading at around $2.30 at this time last year, this is a considerable rise.
On CoinMarketCap, Chainlink is ranked #10 below Binance Coin (BNB) and above Crypto.com Coin (CRO). On other cryptocurrency statistics providers such as CoinPaprika and CoinGecko, LINK is ranked slightly higher. On both platforms LINK is ranked at #8, below Bitcoin SV (BSV) but above Litecoin (LTC).
The difference between CoinMarketCap and other data providers is a bit strange. The likeliest culprit is possibly different methods for calculating market caps.
It is also worth noting that CoinMarketCap has undergone multiple changes since its acquisition by Binance. This most notably includes changes to their exchange ranking system which BitMex have previously criticized.
Regardless, it seems that this is not the last we've heard of Chainlink.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado