Chainlink (LINK), one of the most valuable cryptocurrencies in the world, is taking a lead in the latest altcoin rally with substantial gains. Chainlink crossed the market cap of $15 billion on Monday for the first time since May 2021 after LINK jumped by more than 12% within the last 24 hours.
In terms of market dominance, Chainlink is the world’s 12th largest digital asset. With a market cap of $15.03 billion, LINK is now more valuable than Bitcoin Cash (BCH), Litecoin (LTC), Terra (LUNA), Filecoin (FIL) and Polygon (MATIC).
“Chainlink’s market value is up 119% in the past six weeks and gained another 12% in the past 24 hours. The rate of notable GitHub submissions from the LINK developers has been undeniably rising rapidly over time,” Santiment highlighted.
Chainlink started 2021 at a price of approximately $11. The cryptocurrency gained popularity among retail and institutional investors during the first five months of 2021 as the price touched an all-time high of nearly $52 on 10 May. Earlier this year, Grayscale, the world’s largest digital asset management firm, introduced Chainlink Trust.
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Currently, LINK is trading near $34. The cryptocurrency is up by more than 150% from the recent low of nearly $13 on 21 July 2021. The crypto market dominance of Chainlink stands at around 0.6%.
Chainlink and Crypto Rally
While the price of Bitcoin increased by approximately 7% in the last seven days, altcoins saw significant gains during the same period. In addition to Chainlink, Ethereum, XRP, Solana and Polkadot also saw substantial bullish momentum. ETH has increased by 25% in the last week while Solana and Polkadot jumped by nearly 40% during the same period.
The total market cap of digital currencies currently stands at around $2.34 trillion, which has increased by more than $1.1 trillion since 21 July 2021. In the last 24 hours, the overall market capitalization of cryptocurrency assets jumped by nearly $60 billion. The world’s top 5 digital currencies include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Binance Coin (BNB) and Tether (USDT).