Chainlink (LINK) Climbs by 30%, Overtakes EOS as Ninth-biggest Cryptocurrency

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • In the year 2020, the cryptocurrency market has seen a steady increase in the number of $LINK token holders.
  • There are more than 1,65,000 addresses holding LINK.
  • On 13th July 2020, LINK’s price reached a new all-time high by exceeding the US $8 mark.

In the year 2020, the cryptocurrency market has seen a steady increase in the number of Chainlink $LINK token holders. Presently, there are more than 1,65,000 addresses holding LINK. This depicts a complete 100 percent increase from the beginning of the year. 

On 13th July 2020, LINK token price reached a new all-time high by exceeding the US $8 mark. This massive increase came after its price had fallen below the US $2 when the market crashed in March. 

Reason for the surge 

LINK token volume has reportedly increased by 30 percent over the last 24 hours. Not only this, but its assets have also increased by 400 percent since the market crash in March. 

Many experts opined that the reason behind this surge is the prosperity of the DeFi market. Reportedly, the DeFi market has shown an 800 percent increase in just two months.

ChainLINK (LINK) comes into the spotlight not only because of its achievements in DeFi but also due to increased frequency.

ChainLINK is a decentralized Oracle system, meaning its main objective is to write external information into the blockchain to complete the data communication between the real world and the blockchain. LINK tokens are issued by chainLINK system to those verification nodes that introduce new data. People with LINK tokens can redeem them from rewards.

According to Aicoin, the market value of this decentralized blockchain Oracle service has eclipsed the market value of EOS and has carved its way to the ninth place. Looking at the growth rate and an increase in market capitalization, it won’t be a surprise if the LINK will be giving a good fight to Litecoin.

Future of LINK

chainlink

LINK is currently operating in a relatively distinct bullish territory with its value above the 50 – day, 100 – day and 200 – day moving averages. Its trade volume shows a pathway to a bright future. However, the daily MFI is not yet up to the mark and doesn’t show any severe signs of exhaustion. 

Conclusively, we can state that since LINK prevails in bullish territory and hence, we can most certainly expect it to rise. However, traders and investors always advised to keep an eye out on Bitcoin’s sudden moments, which can easily disrupt LINK’s growth momentum.

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