Chainlink surges past $50 to set a new high.

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The sector remains bullish, with Ethereum, the world’s largest altcoin, hitting an all-time peak of over $3,519 less than 24 hours ago. This is despite the fact that many alts have seen price declines in recent trading sessions. Chainlink, on the other hand, went against the grain, rising to just another ATH on the charts in the opposite direction.

LINK had hit the much-anticipated $50 mark at the time of publication, having risen by 40% in the previous seven days alone.

 

Because of its strong association with cryptocurrencies such as Bitcoin and Ethereum, LINK has frequently rode the bull market to the top of the charts. This has been the case for the last week as well. Local ecosystem-centric innovations and their contributions to the alt’s price increase, on the other hand, cannot be overlooked, with any of these changes coming to the rescue and encouraging the alt to travel independently, contrary to investor opinion.

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The release of the Chainlink 2.0 whitepaper is one such development. The whitepaper in question proposed a roadmap for the future of Chainlink, with the same seeking to address the limitations of the initial whitepaper. Smart contracts functionality is one such limitation, with a recent report by OKEx Insights highlighting,

“Chainlink 2.0 addresses these limitations by enabling hybrid smart contracts in DONs — allowing blockchain protocols to access off-chain data sources and perform off-chain computations.”

With the inclusion of confidentiality-preserving adapters and support for sensitive layer-2 networks, Chainlink 2.0 will work to make Oracles more flexible while still ensuring more privacy guarantees on the network.

There have been other developments too. Chainlink’s association with Vesper to “develop an oracle for DeFi’s most cited metric – Total Value Locked,” for instance. What’s more, SmartZip, a firm that deals with predictive analysis in the real estate market, has also announced that it will soon launch a Chainlink node.

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These are all positive developments that have helped LINK to rebound from the mid-April bouts of depreciation and reach new highs on the market charts.

As the crypto’s metrics were considered, the aforementioned bullishness in the Chainlink sector was apparent.

For example, the percentage supply owned by the top 1% of LINK addresses recently dropped to a 1-month low of 84.03 percent, indicating that the crypto’s supply is being more evenly spread among holders. This suggests the LINK could be losing its credibility as an alt that is heavily reliant on the activities of the 1%.

Source: Glassnode

Furthermore, the combined $LINK transaction volume has surpassed $100,000,000,000 in the last 48 hours, with the magnitude of the increase in the Chainlink industry shown by the fact that LINK was recording a Net Network Growth of 1.85 percent – a rather bullish signal – according to
IntoTheBlock.

Source: Glassnode

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