Chainlink rises another 30% – Takes over position 5 from Bitcoin Cash

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Last Updated on 13 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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It looks like Chainlink is daily featured on CryptoTips, but what the small altcoin shows lately really breaks all records.

On July 14th we noted that according to analysts, Chainlink could easily go to $10 in Q3 of this year. At that time the Chainlink price was still at $8.50.

At the time of writing, less than a month later, we have to report again that Chainlink has climbed another 30% compared to yesterday. As a result, Chainlink has taken over the 5th place in Bitcoin Cash’s ranking. In fact, Chainlink is now listed at $17.80.

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Origin of Chainlink

Chainlink is still a relatively young coin and uses the development of Ethereum.

After the developer of Ethereum, Vitalik Buterin, implemented smart contracts in the blockchain and thus ensured that the platform could be used massively, other coins, including Chainlink, came on stream.

The disadvantage is that these smart contracts could only manage data on Ethereum’s own blockchain. Chainlink enables Oracles to extract data from sources that are not within the blockchain and thus offers more possibilities than Ethereum, according to developer and CEO Sergey Nazarov. A coin was born and a success story seems to have been written since then.

Flipping

So today Chainlink took over the fifth place in the CoinMarketcap ranking from Bitcoin Cash, something called flipping in the crypto community.

While a few weeks ago we were surprised that Cardano had made it into the top 10, Chainlink’s story has been much more amazing lately.

Place four of Tether still seems to be a bridge too far in terms of market capitalization, but if the Chainlink Marines do their job as they have been doing lately, things can go very fast. The volume of Chainlink in the last 24 hours is an incredible 3 billion dollars. And even had a higher trading volume than Bitcoin.

Thanks to the popularity of DeFi, the currency was able to climb from a price of $1.8 at the beginning of this year to $17.80 now.

Of course beware of a possible decline which could also go as fast.