The crypto market has been fairly stable in recent weeks with Bitcoin hovering within the $9,200 to $9,500 range. However, a further drop has been witnessed in the last 24 hours, plunging the value the largest cryptocurrency by market cap to around $9,100. Despite this, some altcoins have been quite bullish with Chainlink, one of the top coins in the market during this period, displaying exceptional rally yesterday.
While the likes of Bitcoin, Ethereum XRP and other leading cryptocurrencies were yet to find traction on the positive side of the market, Chainlink made significant gains yesterday, after trending on the upside trend in the past few days.
As at the time of publication, the coin has also joined other digital assets on the downward side, but significant up growth had been witnessed in it value in the last 48 hours. After moving close to surpassing all-time high price $4.95, which was attained in March, Chainlink possess a unit value of $4.63 at press time. Earlier, Chainlink reached a high of $4.83.
This is a remarkable turnaround for the coin after going low during the Black Thursday crash in March when it traded for $1.35. Link has been on a steady bullish path since the beginning of June and has gained 33% in the last two weeks. The coin is currently valued at $4.63 and placed 13th on the coin rankings with a market cap of $1.6 billion.
Ethereum Spike Could be a Factor in Link Bullish Run
There are indications that Ethereum’s upward rally in the last few days could have caused a spike in Link price. The major altcoin experienced an 8% increase from $227 to $224 in the last 48 hours which has had a ripple effect on some other coins based on its blockchain.
Chainlink is possible one of the beneficiaries of this rally as it moves closer to its all-time high. Chainlink has also been able to stay off steep losses in its value in the past year and it is one of the few coins that are most profitable in the year and throughout their existence.
Chainlink Regarded as One of the Top Projects in the Cryptospace
Chainlink has continued to wax strong with technical developments and it is seen as one of the top crypto projects in the crypto community, due to its use case and the partnerships it has been sealing over time.
Newslogical had reported earlier in June that the platform was selected among the world economic forum tech pioneers. In addition, China’s national Blockchain Service Network (BSN) recently partnered with Chainlink to utilize its Oracle network to process off-chain data.