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The cryptocurrency market has recovered after March’s coronavirus-induced dip and Bitcoin, the world’s largest crypto by market capitalization, even tested the $10,000 mark before fluctuating somewhere in the $9,000 range. However, one minor token has outperformed its more popular counterparts such as BTC and ETH and managed to soar more than 1,000 percent since last year.
Chainlink’s LINK token outperformed the more popular Bitcoin (BTC) and Ethereum (ETH) and rose by 1,000 percent since May last year, according to Forbes. Last week, the token hit an all-time high of $6.49, which represented 60 percent over last month’s price.
But LINK’s rally did not stop there. At the time of writing this article, the token’s price is at $7.90 on July 15, 2020, at 15:29:22 UTC +08:00 based on data from CoinMarketCap.
In fact, Chainlink’s native token was able to join CoinMarketCap’s top ten cryptocurrencies by market capitalization. It is now the ninth-largest crypto with a market cap of $2,786,304,715.
LINK surpassed Binance Coin, which is now the tenth-largest at $2,774,079,642. Crypto.com Coin is now at the eleventh spot with a market cap of $2,557,333,154 while EOS is at the twelfth spot with $2,371,720,833.
“We're seeing this spike as the chainlink network is getting scaled usage powering DeFi, connecting on-chain DeFi smart contracts to off-chain data feeds like commodities and crypto price data,” explained Vance Spencer, co-founder of chainlink investor Framework Ventures.
One contributory factor to LINK’s rise is the Chinese government’s decision to use chainlink oracles, which is a big boost to the network’s popularity. “Firms outside of crypto are also starting to realize the power of enterprise smart contracts powered by robust oracle networks and the decision of the Chinese government to integrate chainlink oracles into their national blockchain services network is a legitimately huge deal,” Spencer added.
Spencer also noted that Google, SWIFT, Oracle, and other tech and banking giants are now creating pilot programs with chainlink. “The link rally is being driven by a multitude of factors, the most important of which is its sheer potential to unlock all the promise that smart contract platforms have so far failed to deliver on,” Spencer said before adding that it’s essentially the “Uberization of data.”
