Link’s CoinBase trading volume surpasses Bitcoin over last 24 hours

ChainLink's Link token has surpassed Bitcoin on CoinBase in terms of its trading volume over the last 24 hours, managing $163 million in trade.

By · Aug 10, 2020 . 5min read

Chainlink token price
Photo by Burak K from Pexels

ChainLink’s Link token was the most traded cryptocurrency of the last 24 hours, having surpassed Bitcoin. The currency’s trading volume on CoinBase saw $163 million in trade whereas Bitcoin saw only $96.48 million, nearly 70% lower.

Link owes its recent surge in respect to the increasing popularity of decentralized finance (DeFi). DeFi, like the name suggests, is a movement wherein decentralized networks are used to make traditional financial tools/products accessible to anyone. ChainLink is a decentralized platform which connects smart contracts to external data. They launched Link token as a way for users to pay for services on the ChainLink platform.

While ChainLink’s trading volume on CoinBase over the last 24 hours was higher than that of Bitcoin’s, Bitcoin’s aggregate trading volume on all platforms was still nearly five times that of Link. Link is still having an exceptional year. Its year-to-date gains are at 700%. Bitcoin’s, on the other hand, is 61%. Link is now the 6th largest cryptocurrency by market value.

Link token price

The last week saw a 68% gain in this market value. In the last one month, Link has seen its price more than double from $6 to $14. It reached its all-time high of $14.38 on Sunday morning.

Link token price
Source : Trading View

Interestingly, the surge in Link’s price has come after the release of a report by Zeus Capital who accused Link of market manipulation. It eventually turned out that the report was fake. Impostors pretending to be Zeus Capital published the report in an effort to discredit Link.

Another possible reason as to why Link is doing so well has to do with the funding rates on Binance Futures. The funding rate has been negative because traders have been attempting to short Link every time its price shot up. So far, all these short positions have become over-leveraged and have had to pay out, pushing Link’s price even further up.

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