Chainlink (LINK) Approaches Symbolic $10 Mark

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Last Updated on 5 August 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Chainlink has continued its bullish trend that began in July with the the decentralized Oracles project reaching new heights every day. The popular crypto-asset is now approaching the symbolic $10 mark as it looks to consolidate as one of the top tokens in the crypto space.

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LINK surpasses all records

Since falling from $8.3 to $6.86, the price of LINK has rebounded quickly unlike the rest of the market still suffering from the flash crash that occurred on August 2.

As a result, the Chainlink price has continued to climb with the price almost hitting the symbolic $10 mark, hitting an all-time high of $9.96. At the time of writing LINK is trading around $9.55.

Chainlink price trading

In addition, the LINK market cap is now up to position 10 on the crypto rankings valued at $3.32 billion according to data from Coinmarketcap.

For comparison, Bitcoin Cash (BCH) currently sits 5th on the rankings with a market cap of $5.3 billion. Although the difference is not negligible, LINK could quickly reach this capitalization in a few months if it continues to advance at this rate. LINK is today the 2nd largest token on the market in terms of total capitalization, behind Tether (USDT) with its 10 billion dollars.

The Chainlink rise has also brought massive profits to its community with 100% of its supply currently profitable. In a report by analytical firm IntoTheBlock, the current price is higher than the price at which it was acquired, which bodes well for the coin.

Percent of Chainlink supply in/out of the money.
Percent of Chainlink supply in/out of the money. Source: IntoTheBlock.

What is behind LINK recent rise?

One way to explain this phenomenal rise is to understand the decentralized finance landscape (DeFi). Chainlink decentralized Oracles network provides the infrastructure of many applications and protocols with additional robustness.

Over the past few weeks, Chainlink has continued to string together key partnerships and integrations at a frenetic pace. More platforms are turning to Chainlink solutions, including leading exchange Huobi and lending platform Nexo.

Chainlink has also managed to reach other sectors: T-Systems Multimedia Solutions, a subsidiary of the Deutsche Telekom, owner of T-Mobile, became the operator of a node in the Chainlink network two weeks ago. These developments have largely spurred the rise in its token.