Chainlink’s Link Token Beats Bitcoin in terms of Trading Volume

Piyasi Mitra
Piyasi Mitra is a journalist, features writer and copy editor who has worked with The Times of India and the ABP Group, and is currently exploring content creation in the digital space.

 

  • Link’s price touched an all-time high of $14.38 on Sunday
  • As per data from Messari, Link’s 24-hour trading volume on Coinbase Pro is $163 million, which is approximately 70% higher than Bitcoin’s trading volume of $96.48 million
  • Link’s 24-hour total global volume stands at $3.13 billion, which is only 17% of Bitcoin’s value of $17.53 billion.

When it comes to the performance of the Decentralised Finance (DeFi) sector, investors from across the world seem to be on a roll right now. As of August 9, 2020, Chainlink’s Link token has surpassed Bitcoin to rank as the most traded cryptocurrency in the past 24 hours on Coinbase Pro, a leading crypto exchange in the USA. Additionally, Link has also proved to be superior to Bitcoin in terms of trading volume on Binance on the same day.

Link vs Bitcoin

Link is turning out to be one of the best-performing coins of 2020. A Decrypt report says Chainlink (LINK) occupies the leading position in terms of market cap, surging in price over the last 24 hours to touch new heights. Second in place is Maker (MKR), followed by Compound (COMP), in CoinGecko’s top 100 DeFi coins by market cap listing.

As per data from Messari, Link’s 24-hour trading volume on Coinbase Pro is $163 million, which is approximately 70% higher than Bitcoin’s trading volume of $96.48 million. However, when it comes to 24-hour aggregate global volume, Link stands at $3.13 billion, which is about 17% of Bitcoin’s value of $17.53 billion.

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The DeFi Fever

Experts unanimously agree that the market cap of DeFi is skyrocketing, and the volume of cash locked in it is turning out to be a matter of immense satisfaction to investors. It has not only revolutionised the finance ecosystem by making the best use of blockchain technology, but people are also making loads of money by pooling in their financial resources to earn tokens and enjoy excellent returns.

According to DeFi Pulse, the number now stands at $4.55 billion, touching the $4 billion mark a little over a week ago, and $3 billion under two weeks before that.

 

 

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