Home NewsAltcoin News

Follow us on Twitter or join our Telegram

Chainlink Takes Top 10 By Storm, EOS Leaves the Club

Chainlink Takes Top 10 By Storm, EOS Leaves the Club 101
Source: Adobe/devenorr

After what has been a relatively quiet weekend for bitcoin (BTC) and most other top cryptoassets, the decentralized oracle platform Chainlink (LINK) has entered what can only be described as a parabolic rally in the crypto market.

After the latest rally, LINK has climbed in the rankings of the most valuable cryptoassets by market capitalization, from number 12 a few days ago to number 9 today, outranking both binance coin (BNB) and EOS. The latter is now 11th.

As of press time on Monday morning (07:40 UTC), LINK was up by more than 25% over the past 24 hours, trading at a price of USD 7.75 per token. However, the current price is still down from its overnight peak of almost USD 8.5, reached at around 1 AM UTC time.

Over the past 7 days, LINK has risen nearly 60%, making it the third-best weekly performer among the top 100 cryptoassets by market capitalization.

Chainlink Takes Top 10 By Storm, EOS Leaves the Club 102
Source: www.tradingview.com

Although no new major announcements have been made by Chainlink over the weekend, the platform has added a number of new partnerships and integrations in recent months and weeks. These new partnerships, combined with a generally bullish sentiment towards decentralized finance (DeFi)-focused tokens, and new traders jumping on the uptrend, are believed to be the main reasons behind the latest parabolic surge in price.

Along with the price surge was also a sharp spike in trading volume seen across exchanges. Among them, Binance and Coinbase Pro together accounted for over 30% of the LINK’s trading volume over the past 24 hours.

The massive weekend gains came after LINK saw another rally just last week, which was partly fuelled by a strong interest in DeFi-related products. LINK then saw its price surge from a little over USD 4.5 to USD 6.5 in a matter of three days – a rally of about 38%.

Last week’s rally was then followed by a brief correction lower towards the end of the week, before the price once again took off yesterday morning (UTC time).

Other reactions:

Follow us on Twitter or join our Telegram

More Stories