Chainlink has continued its tremendous rise in the crypto markets with its native token LINK surging into the top ten coin ranking based on Market cap. After a long pause in its up growth with stability around $4, just like majority of coins in the market, Chainlink has resumed on the upside trend of the market outstripping some coins on the market table.
The coin has been enjoying one of the most remarkable bullish run in 2020 surpassing its all-time high price several times since the start of July. This past weekend was not different with LINK recording double-digit gains throughout and over 44% gains in the last 24 hours.
Link had surged past EOS, (EOS), Crypto.com coin (CRO) and Binance Coin during this period to be ranked the ninth largest cryptocurrency by market cap. However, at the time of publication, the rally has cooled down and Chainlink is ranked 10th on the coin rankings.
Chainlink is currently valued at $7.81 and has a total market cap of $2.7 billion.
Chainlink is not the first cryptocurrency to topple its toppers on the market table, Cardano is also an typical example. In less than 50 days, Cardano (ADA) has toppled about 5 coins in the market.
Chainlink looks to remain energetic, it is rally, there are chances the cryptocurrency take the ninth place back from Binance, more importantly because their market cap is close. However, what will happen afterwards cannot be guaranteed.
Chainlink Project Regarded as a Key Component in DeFi
Chainlink oracle technology is considered as one of the top technologies within the blockchain community as it enables interoperability between different smart contract platforms.
This has been attested with the use of its technology by its partners which include Google Cloud and Tezos. Also, the preference of developers working on DeFi to utilise Chainlink network has also made the blockchain platform increase in popularity and relevance.
Despite this, some poeple within the crypto community believe that Chainlink is following the lead of Ripple.
Ripple is a blockchain project that has attracted scorn from core Bitcoinist due to its acclaimed-centralized nature and yet the project continues to extend its partnerships and adoption within the crypto space and finance industry.
Veteran trader Peter Brandt believes LINK a scam and he implied that the cryptocurrency was bought by those that realized that XRP was a scam.
Chainlink Emerge as a Bright Spot within the Crypto Markets
Chainlink has brought back optimism within the crypto community that one can still make huge returns from crypto projects. LINK holders that bought the token following its launch in May 2019 are sitting at a gain of over 600% in just over a year.
This is in contrast with other coins that launched within that time frame.