Chainlink Price Surges to All-Time High on Continuous DeFi Growth
Prices for Chainlink’s LINK token have skyrocketed over 19% in the past 24 hours propelling it to a new all-time high. From an intraday low of just below $20, LINK has surged to reach its highest ever price of $23.60 according to Tradingview.com.
@chainlink has solved the biggest challenge for the implementation of smart contracts – connecting blockchains to real world data. $LINK price is $23.55 $USD – 24hr volume of $2.52 Billion $USD. $LINK is up 17.20% in 24 hours. $LINK – New ATH $23.55.
pic.twitter.com/9s4Nzyjq1T
— ƊÓȠ. (@Don_ChainLink) January 17, 2021
The big move means that Chainlink has gained a whopping 37% over the past seven days and 65% over the past 30 days.
The community, known as ‘Link Marines’, is overwhelmingly bullish even predicting that LINK will reach a top-three position by the end of March.
Rank #3 incoming
— ChainLinkGod.eth (@ChainLinkGod) January 17, 2021
For this to happen it needs to flip five more assets and increase its market cap by over $15 billion. It is a tall order but in all likelihood, LINK will flip Litecoin next as it is just $300k or so behind it in terms of market cap according to Coingecko.
Chainlink is currently in eighth spot with a market cap of $8.9 billion, just ahead of Bitcoin Cash.
Latest Chainlink Updates
Chainlink, which provides pricing oracles for the decentralized finance sector, continues to expand in terms of data feeds and services. Its latest price feed oracle is LTC/USD which takes aggregated data from a number of sources to provide a more accurate price for the asset.
More and more DeFi protocols are turning to Chainlink as the standard for data oracles, some of the latest platforms to adopt its feeds include NULS, Opyn, Neutrino, Paxos, Warp Finance, Poolz, and SynLev – and that was just last week!
Independent industry researcher going by the twitter handle ‘The Crypto Oracle’ cited the growth of DeFi as one of the catalysts behind Chainlink’s success;
“It’s truly one of the main engines to DeFi’s growth, and its network effect & data costs will be shared across projects & chains.”
Chainlink has also just launched a Chinese website which also may be driving some of the momentum in Asia at the moment.
Other Crypto Performers
LINK is not the only crypto asset making big moves at the moment. While most of the top ten is trading relatively flat on the day, Binance Coin has made 9% in a push to its own all-time high of just under $47 a few hours ago. Another BNB burn is about to take place which is usually a driver of momentum as it reduces the supply.
Polkadot and Cardano are also still climbing after a solid weekend and the calls for ‘altseason’ are starting to resonate once again as Bitcoin dominance tumbles.
