Chainlink is presently trading at $19.10, slightly down from its intraday high of $20.00. A Brush of correction is seen across the cryptomarket at the time of writing.
Chainlink’s explosive growth trend has been attributed to two factors. First is the recent DeFi explosion. Chainlink is a reputable player in the DeFi space providing external data feeds, therefore growth in the DeFi sector means positivity for LINK.
Chainlink has found its use case in several DeFi apps as well as blockchain games, betting platforms, digital identities, and golf games.
LINK deposits into crypto exchanges. Courtesy: Santiment
Recent Data Indicates LINK Has Surpassed Bitcoin (BTC)
Ray Hatten, an analyst tweeted this recently:
Its official Chainlink $LINK is the KING of Crypto. 1st place in terms of Github developer commits over the last 12 months!
LINK Has Unarguably Outperformed Bitcoin in Price Gains: In August 2020 alone, LINK has gained more than 68% for investors, compared to Bitcoin’s 25%. This makes LINK one of the top-performing cryptocurrencies for August, beating Compound and YFI.
Since the beginning of the year, LINK investors have gained more than 700% in comparison to Bitcoin’s 61% overall increase. In the past 48 hours, Chainlink gained almost 13% outperforming Bitcoin’s 0.5% performance.
Days back, data aggregator Messari, indicated that Chainlink was the most traded cryptocurrency on Coinbase Pro as LINK volumes dominated those of Bitcoin. This historic move indicated a greater retail presence for Chainlink.
Chainlink seems to have several positives on its side as seen in the strong code commits record token prices, and even a recent endorsement from social influencer Dave Portnoy.
Its plethora of partnerships across various firms and accolades received from international bodies, such as the World Economic Forum (WEF) have also spelled positivity for the decentralized oracle.