ChainLink leads altcoin market surge; records 900% growth since May

  • 02 July 2019, Tuesday, 19:00

The virtual asset industry is a large playing field which includes thousands of cryptos, with each one of them trying to establish their proficiency in the market. Bitcoin might be the dominant player in the system, but on the development front, there are certain lesser-known altcoins that have been making huge strides in their respective networks.

As reported and observed over the last few months, 2019 has been a lucrative year for digital assets and the collective market cap has improved significantly after the brutal bear market of 2018.

Now, according to recent statistics, ChainLink’s [blockchain platform utilizing smart contract with external data sources] parent token has been on a tear over the last few few months, recording a surge of over 900 percent in the market.

According to the aforementioned chart, the price of LINK was drifting in the low range of $0.40 to $0.50 at the beginning of May. However, a few key announcements propelled its valuation significantly. At press time, LINK was priced at $3.43 and the market cap was a respectable $1.1 billion.

The first announcement linked to the crypto’s growth is ChainLink’s partnership with Google and Oracle, a collaboration aimed at developing blockchain projects.

The interest shown by Google was enough to boost Link’s credibility as the price valuation shot up significantly on 13 June, the day of the announcement.

After the Google tie-up, Link received another form of validation from Coinbase Pro after the exchange announced that it was going to support ChainLink trading. The valuation of Link instantly spiked by 9 percent within 24 hours of the announcement, with traders flocking to earn marginal profits from the token.

It was also speculated that Link’s price was improving due to its limited availability on major exchanges which have a huge market in the United States. At press time, ChainLink was witnessing a hike of 2.46 percent over the hour and a significant surge of 9.22 percent over the day.