Chainlink (LINK) Price Jumps Over 24% in 24 Hours, Stamping Hard Its 5th Position

UTC by Steve Muchoki · 3 min read
Chainlink (LINK) Price Jumps Over 24% in 24 Hours, Stamping Hard Its 5th Position
Photo: Depositphotos

Chainlink (LINK) added around $3.38 in the past 24 hours to trade slightly above $17 at the time of publication. As a result, it officially secured its 5th position in a long list of cryptocurrencies.

Chainlink (LINK), a decentralized blockchain oracles service, continues to surprise the digital asset industry with its gravity-defying price. With only 350 million LINKs circulating the market, its high demand has seen its value skyrocket in the past few weeks, surpassing the top three digital assets.

At the time of reporting, the asset was trading around $17.09 having added 24.66% in the last 24 hours and jumped around 76% in the last seven days.

LINK has been in existence since the 2017/2018 crypto rally but did not experience a huge breakout compared to the current rally. It was developed by Sergey Nazarov, with Steve Ellis as the other co-founder. Chainlink held an ICO in September 2017, whereby it raised $32 million, with a total supply of 1 billion LINK tokens.

With the huge competition in the crypto market amongst different projects, Chainlink has managed to outperform thousands of coins to clinch the 5th position in regards to its market capitalization. The fifth position has fiercely been contested by Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), and also Cardano (ADA) but LINK managed the top position.

At the time of publication, its market capitalization was around $6 billion with its daily volume slightly above $3.5 billion.

Its exponential growth is largely attributed to the nonstop announcements on global partnerships especially in 2020.

Chainlink (LINK) Bright Future

Despite being regarded as a scam coin, LINK has managed to prove its superiority within the crypto space.

Sergey Nazarov, Chainlink co-founder, once stated:

“The use of smart contracts on the blockchain to provide binding guarantees to contractual obligations has many social and economic benefits. We are proud to play a role in the accountability and automation of global and local economies, and we look forward to contributing to the Forum’s discussions on this issue.”

With consistent partnerships and diversification in the token’s utility including the DeFi ecosystem, the project is poised to win huge in the near future.

Notably, Chainlink yesterday announced that it has partnered with LCX to provide transparent and verifiable reference price services for decentralized finance applications (DeFi) and the token economy.

“We are providing new infrastructure that allows traditional finance the ability to service DeFi applications and interact with digital asset products. We are excited to work with LCX to deliver credible data sources to our ecosystem, which opens them up to a wide variety of users and markets,” said Daniel Kochis, Head of Chainlink Business Development.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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