We have all been wondering: What has happened? How Chainlink (LINK) is about to set a new all-time high ?! We tell you what has happened with the strong rise of Chainlink.
Yesterday the crypto market was surprised after seeing that the 13th cryptocurrency by market capitalization, Chainlink observed an increase equal to 11% in its price. How?! Why?
The last few months in the crypto market have been a rollercoaster of emotions, passing since the Black Thursday caused by the pandemic and, later this month, the cryptocurrencies crashed along with Bitcoin.
In fact, on June 12 Link’s price plunged 10% to its monthly low of approximately $ 3.90.
Right now, Chainlink’s cryptocurrency is valued at $ 4.73 according to the Crypto Trend tool, Crypto Online. But what has happened?
Maximus and minimous
When we see the historical graph of Link we can point out that the first time that said cryptocurrency reached a maximum was in July 2019, at which time it was valued at $ 5.10.
Since then Chainlink has been on a roller coaster. However, in the last two weeks it has experienced a 33% rise.
In this regard, Link’s performance has been so impressive that the community has wondered: What is happening? Why so much sudden interest?
Development as a key player
One of the positions that explain Chainlink’s recent high is based on the development that altcoin has had in recent weeks.
In fact, some see Link as a “DeFi token” precisely because of Chainlink’s technology. However, at the moment the cryptocurrency is not listed in the DeFiMarketCap ranking.
Furthermore, Chainlink has recently decided to join forces with various leading DeFi platforms, among them we have the Kyber Network and, subsequently, the Orchid decentralized VPN service.
In addition, it is relevant to mention the recent announcement reporting that China’s National Blockchain Services (BSN) is using the Oracle Chainlink network to process data off-chain.
To be more specific, it was announced that two partners would help with two of the biggest challenges in China’s ambitious national Blockchain infrastructure project.
Accordingly, Chainlink will lend its expertise to building a “service center” that would support an “Internet of Blockchains.”
Market conditions provoke in the rally
A valid option that could explain the recent Chainlink rally is based on market conditions.
Mainly Ethereum (ETH) experienced a growth of 3% during the last week. And, from Thursday 21 until today, it has experienced a growth of 5%.
Accordingly, experts say the Ethereum rally pushed Tezos and Chainlink. What do you think was able to drive the strong rise of Chainlink?