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Saturday, July 2, 2022

LINK Becomes The Eighth Largest Cryptocurrency After Chainlink Beats Bitcoin Cash

Bitcoin Cash’s market capitalization gets surpassed by LINK with the market of DeFi prospering constantly with TVL crossing $24 billion. The blockchain protocol based on oracle, LINK, beat Bitcoin Cash and became the 8th biggest cryptocurrency on 18th January. Chainlink’s market capitalization stands at around $9 billion with only $500 billion short Litecoin(LTC), the next largest crypto asset.

Reason Behind The Rapid Surge Of LINK

The value of ChainLink surged by 13% during the past 24 hours. The strong momentum that LINK is showing appears from the massive positive sentiment of the DeFi market. The market of DeFi is rallying strongly during the recent few months with SUHI and AAVE being the recent strong standouts. This positive uptrend has TVL, the fastest growing metric, as the primary contributor.TVL measures the total capital amount which gets deployed across the protocols of DeFi.On 18th January, the TVL of the protocols of DeFi has an estimated value of roughly $24 billion which is still growing rapidly.

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ChainLink primarily benefits from DeFi space’s growth due to the oracles feeding on DeFi protocols along with important market data. When the protocols of DeFi like the exchanges or lending platforms ask for the price of data, they gather it mainly from oracles such as Band Protocol and Chainlink. Similarly, when there seems to an abundance of users in the market of DeFi, oracles get benefitted from the rising DeFi market’s TVL. The on-chain Santiment analysis identified the dormant tokens as moving.

This trend has contributed to the bullish trend of several cryptocurrencies such as LINK, Ether, and Bitcoin. With Chainlink crossing its high of all time, it is currently up for price discovery. Price discovery generally happens when an asset’s value crosses its high of all time and yearns for a brand new ceiling, according to technical analysis.

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