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Sunday, December 6, 2020

Chainlink displays massive growth; Bulls dominate the market

  • Today’s uptick has seen Chainlink (LINK) set a new ATH at £7.41.
  • The coin has also ascended to the ninth position on CoinMarketCap’s Top-100 list.
  • Chainlink’s numerous partnerships are likely behind this bullish trend.

Over the past few days, Chainlink (LINK) has displayed wild price swings ranging from lows of £5.67 to highs of approximately £6.74. This volatility eventually saw the coin break out on a bull rally that has seen its price surge past the £6.89 level. LINK has accomplished this feat despite bitcoin (BTC), the leading cryptocurrency in terms of market cap displaying relative weakness. As a result of this bullish momentum, LINK is currently among the best-performing coins in the crypto market.

Per analysts, this volatility poises LINK for further gains in the short-term. This is because the price swings have seen the coin form a “cup and handle pattern”.

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Referring to this pattern on August 2, a crypto analyst tweeted,

“LINK (USDT) daily chart – As price re-tests the all-time high area, this is a good spot for a cup and handle continuation, or ascending triangle continuation patterns to form.”

According to data from CoinMarketCap, LINK is trading at £7.37 at the time of writing. This price denotes a 14.96% gain over the past 24 hours, a development that has pushed LINK’s daily trading volume past £842 million to hit £845 million. These gains have also seen LINK claim the ninth position on CoinMarketCap’s Top-100 list with a market cap of £3.3 billion. On top of this, this upward trend also saw LINK set a new all-time high at £7.41 earlier today.

Chainlink continues forging new partnerships

Chainlink continues collaborating with high-profile firms in the crypto sector. For instance, Chainlink joined hands with Nexo, a crypto lending firm with more than 800,000 users. China’s Blockchain Service Network also incorporated Chainlink’s oracles into its network. Apart from this, Chainlink also collaborated with Hedera Hashgraph to create a decentralized oracle network for Hedera’s enterprise-grade distributed public ledger.

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On July 23, FirmaChain announced that it had partnered with Chainlink to help create seamless digital contracts.

Tweeting about the partnership, FirmaChain said,

“Blockchain-based e-document solution @FirmaChain is integrating Chainlink to create more seamless digital contracts. For example, car rental contracts using #Chainlink to validate driver licenses within the signature process for better customer experience.”

These partnerships alongside Google mentioning Chainlink in a recent blog post have attracted a lot of attention to the coin. Consequently, crypto adopters have rushed in to purchase the coin, creating a strong buying force, which is propelling LINK’s upward trend.

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