Victor Ugochukwu · Oct 30, 2020 . 8min read
Chainlink’s LINK continues to Soar High, Surpasses Bitcoin due to Developer Pursuit
Chainlink’s LINK token has demonstrated a bullish growth this year, exceeding Bitcoin to rank fifth largest by market capitalization.
By Komal Joshi · Aug 17, 2020 . 7min read
According to the virtual asset ranking platform, CryptoMisu, Chainlink’s price continues to soar high due to the tandem of developer activity on the platform. Chainlink is a decentralized oracle that fetches real-world data to connect smart contracts. LINK is the Chainlink’s digital currency for payments. It is a token based on the Ethereum blockchain and powers a decentralized platform of smart contracts to external data sources. Chainlink’s LINK token has shown a bullish growth this year. It has surpassed cryptocurrency like Bitcoin to rank fifth largest by market capitalization.
LINK has been on a bullish move, since 1st August. It extended its momentum at every phase as it proceeded to set a new record of highs approximately every week. Chainlink rose from its $7 lows at the start of August to set new highs of $20.00, achieving more than 178% in the process.
This isn’t unlikely, as Chainlink has announced collaborations and integration relentlessly during the year. Nevertheless, Chainlink’s success has drawn critics and competitors to it. An example is that of Zeus Capital, which claimed a price pump by Chainlink, although it kept on rising, producing fresh highs continuously, surpassing the ring leader of cryptocurrencies, Bitcoin. According to data from Trading View, Chainlink is presently trading at $18.10, slightly down from its intraday high of $20.00.
Chainlink’s explosive growth trend has been credited to two factors. First is the recent DeFi explosion. Chainlink is a prominent member of the DeFi space, offering external data feeds. Consequently, growth in the DeFi sector designates positivity for LINK. Chainlink has discovered its use case in various DeFi apps and blockchain games, betting platforms, digital identities, and golf games.
LINK Exceeds Bitcoin (BTC)
Ray Hatten, an analyst, tweeted about Chainlink ruling the ecosystem and surpassing the Bitcoin in the last 12 months.
Recently released data on Github noted that Chainlink developers had the most code “commits“ over the last 12 months. The project’s Github page designated 11,588 total commits, which indicates changes or additions made to the source code. There are over 54 contributors, while the computer language Go makes up 50% of the code, as per Github data.
Earlier, data aggregator Messari, showed that Chainlink was the most traded cryptocurrency on Coinbase Pro as LINK volumes eclipsed those of Bitcoin. This historic move showed a more significant retail presence for Chainlink. Chainlink appears to have various positives on its plate as seen in the secure code commits record token prices, and even a recent endorsement from social influencer Dave Portnoy.
While it remains unclear how long Chainlink’s bull run will last, crypto investors continue to show interest. With Chainlink’s LINK exceeding Bitcoin prices, we await how will Chainlink further enhance the ecosystem with its new projects and integrations.
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Komal Joshi · Oct 30, 2020 . 5min read