After what has been a relatively quiet weekend for bitcoin (BTC) and most other top cryptoassets, the decentralized oracle platform Chainlink (LINK) has entered what can only be described as a parabolic rally in the crypto market.
After the latest rally, LINK has climbed in the rankings of the most valuable cryptoassets by market capitalization, from number 12 a few days ago to number 9 today, outranking both binance coin (BNB) and EOS. The latter is now 11th.
As of press time on Monday morning (07:40 UTC), LINK was up by more than 25% over the past 24 hours, trading at a price of USD 7.75 per token. However, the current price is still down from its overnight peak of almost USD 8.5, reached at around 1 AM UTC time.
Over the past 7 days, LINK has risen nearly 60%, making it the third-best weekly performer among the top 100 cryptoassets by market capitalization.
Although no new major announcements have been made by Chainlink over the weekend, the platform has added a number of new partnerships and integrations in recent months and weeks. These new partnerships, combined with a generally bullish sentiment towards decentralized finance (DeFi)-focused tokens, and new traders jumping on the uptrend, are believed to be the main reasons behind the latest parabolic surge in price.
Along with the price surge was also a sharp spike in trading volume seen across exchanges. Among them, Binance and Coinbase Pro together accounted for over 30% of the LINK’s trading volume over the past 24 hours.
The massive weekend gains came after LINK saw another rally just last week, which was partly fuelled by a strong interest in DeFi-related products. LINK then saw its price surge from a little over USD 4.5 to USD 6.5 in a matter of three days – a rally of about 38%.
Last week’s rally was then followed by a brief correction lower towards the end of the week, before the price once again took off yesterday morning (UTC time).Other reactions:
I guess all you ever had to do was buy $LINK.— The Wolf Of All Streets (@scottmelker)
5/ With DeFi activity accelerating, the opportunity set for oracle solutions such as Chainlink, Band and others couldn’t be more promising.— SpartanBlack (@SpartanBlack_1) July 13, 2020
I love what the team there is working on. But the token is nuts. Do not understand any of it. It’s like XRP without… https://t.co/2ILvkIvPbv— Ryan Selkis (@twobitidiot)
@twobitidiot You don't understand the scope of Chainlink or it's adoption https://t.co/wZZDsPUzUN— ChainLinkGod.eth (@ChainLinkGod)
@mrjasonchoi I have a hypothesis, based on observation, that blockchain companies, media and personalities based in… https://t.co/84QRY7MiVd— ???????????????????????? (@safetyth1rd)