Chainlink, a coin that included in the rating of the top 20 cryptocurrencies, has shown growth today: the price of the coin has risen by 15%. This indicator has already caused a stir within the crypto community since Chainlink’s increase in percentage terms exceeded the indicators of stronger crypto assets. Has Chainlink gained power, or is it just another dummy?
Chainlink jump up
In early June, Chainlink was in a turbulent state. The price movement of the coin can be compared with a spring that bounced from its original position and returned. In particular, on June 12, the price of Chainlink fell by 10% and reached a level of $3.90. This fall occurred against the backdrop of a weakening cryptocurrency, in particular, Bitcoin falling below the support level of $9,000.
Today, a 15% rise in the price of the coin recorded, Chainlink is trading at $4.90.
What became the driver for LINK ‘s price increases?
Crypto analysts believe that Chainlink’s price increases are directly related to the development and popularization of DeFi decentralized assets system. This market is now actively promoted as an alternative to the traditional financial system. The relevance of the Defi system is increasing due to forecasts of the threat of the spread of the second wave of the pandemic.
It should be noted that not everything is going so smoothly with the DeFi market. Decentralized assets were also affected by the spread of coronavirus and the collapse of the global financial market in March. According to DeFiMarketCap, the market capitalization of tokens is $1 billion.
Chainlink has incorporated into the DeFi ecosystem as a viable and promising crypto asset. This coin has a great chance to enter the top three leaders of DeFi tokens.
Some leading blockchain platforms have already begun active collaboration with Chainlink. In particular, Orchid’s VPN service plans to incorporate Chainlink into its asset system. As a result, users will be able to monitor the price movement of this asset and will be able to complete transactions on this blockchain service.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.