LINK's rise is the latest in a number of astronomical surges that have occurred for a number of different altcoins.
While Bitcoin is continuing on one of the most non-volatile periods of its recent liftetime, a number of analysts have said that an "altcoin season" is beginning: there have been many reports of wild price swings in a number of altcoins; most recently, however, is LINK, the native coin of Blockchain data oracle Chainlink.
Indeed, the value of link surged roughly 34.8 percent over the course of the 24-hour period between Saturday, July 12th, and Sunday, July 13th--LINK sat around $6.10 on Saturday and rose suddenly as high as $8.22 before leveling off around $7.88. LINK held the #10 spot on CoinMarketCap’s cryptocurrency by market cap list.
The surge over the weekend was the continuation of a greater rally that began at the beginning of the week: on Monday, July 6th, LINK was sitting around $4.10, where it had stalled for weeks. However, this means that the rise from last Monday to today ($7.97 at press time) is a whopping 94.39 percent increase.
The most recent price rally puts LINK at a new all-time-high; LINK previously reached highs around 4.75 during the month of March before suddenly plunging to $1.81 several days after March 12th, which is widely known as crypto’s “Black Thursday.”
The reasons behind the rally
Why, exactly, did this astronomical rise occur?
There seems to be a fairly good chance that the rally was the result of a “fear of missing out” (FOMO) trend among investors: once the price initially spiked between Monday and Tuesday of last week, investors may have clambered onto LINK as a way of making further gains: this, in turn, caused the price to continue to increase.
Beyond FOMO, however, CoinTelegraph noted that Chainlink has secured a number of high-profile partnerships throughout 2020 with other companies in the cryptocurrency sector. For example, on July 8th, Chainlink became the oracle solution provider for Nexo, a cryptocurrency lender with 800,000 users.
Chainlink has also garnered two more partnerships over the last two months with Hedera Hashgrpah and Matic network, and was mentioned in a blog post by Google in June. The blog post is entitled “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud.”
Additionally, LINK seems to be the latest coin to have benefitted from what a number of traders are describing as an “Alt Season”: as Bitcoin’s levels of Volatility have significantly decreased over the course of the last two months, traders are increasingly turning to altcoins as possible sources of profit: COMP (Compound), ADA (Cardano), and XTZ (Tezos) also seem to have done particularly well.
As such, Bitcoin’s dominance in cryptocurrency market capitalization seems to have loosened its grip, and may continue to slide further down.
While Bitcoin is continuing on one of the most non-volatile periods of its recent liftetime, a number of analysts have said that an "altcoin season" is beginning: there have been many reports of wild price swings in a number of altcoins; most recently, however, is LINK, the native coin of Blockchain data oracle Chainlink.
Indeed, the value of link surged roughly 34.8 percent over the course of the 24-hour period between Saturday, July 12th, and Sunday, July 13th--LINK sat around $6.10 on Saturday and rose suddenly as high as $8.22 before leveling off around $7.88. LINK held the #10 spot on CoinMarketCap’s cryptocurrency by market cap list.
The surge over the weekend was the continuation of a greater rally that began at the beginning of the week: on Monday, July 6th, LINK was sitting around $4.10, where it had stalled for weeks. However, this means that the rise from last Monday to today ($7.97 at press time) is a whopping 94.39 percent increase.
The most recent price rally puts LINK at a new all-time-high; LINK previously reached highs around 4.75 during the month of March before suddenly plunging to $1.81 several days after March 12th, which is widely known as crypto’s “Black Thursday.”
The reasons behind the rally
Why, exactly, did this astronomical rise occur?
There seems to be a fairly good chance that the rally was the result of a “fear of missing out” (FOMO) trend among investors: once the price initially spiked between Monday and Tuesday of last week, investors may have clambered onto LINK as a way of making further gains: this, in turn, caused the price to continue to increase.
Beyond FOMO, however, CoinTelegraph noted that Chainlink has secured a number of high-profile partnerships throughout 2020 with other companies in the cryptocurrency sector. For example, on July 8th, Chainlink became the oracle solution provider for Nexo, a cryptocurrency lender with 800,000 users.
Chainlink has also garnered two more partnerships over the last two months with Hedera Hashgrpah and Matic network, and was mentioned in a blog post by Google in June. The blog post is entitled “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud.”
Additionally, LINK seems to be the latest coin to have benefitted from what a number of traders are describing as an “Alt Season”: as Bitcoin’s levels of Volatility have significantly decreased over the course of the last two months, traders are increasingly turning to altcoins as possible sources of profit: COMP (Compound), ADA (Cardano), and XTZ (Tezos) also seem to have done particularly well.
As such, Bitcoin’s dominance in cryptocurrency market capitalization seems to have loosened its grip, and may continue to slide further down.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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