The bitcoin price has treaded water over the last 24-hour trading period—though top 20 cryptocurrency chainlink as added some 3% over that time, according to the latest prices from major U.S.-based bitcoin and crypto exchange Coinbase.
Chainlink, an ethereum-powered cryptocurrency that trades under the name link, has added almost 50% to its price over the last week, soaring as global stock markets weigh a prolonged coronavirus-induced shutdown.
Chainlink, an ethereum token that powers a decentralized network designed to connect so-called smart contracts to external data sources, has rocketed by an eye-watering 500% over the last year.
The chainlink price reached its all-time high in late June of 2019, hitting $4.55 and up over 1800% from the start of 2019.
The chainlink price, now hovering around $3.30, is up some 150% since the mid-March historic coronavirus crisis crash.
The massive chainlink rally, which puts bitcoin’s paltry 35% year-on-year gain into sharp perspective, has been led by by interest in the network from China but has been boosted recently by a partnership from crypto lending platform Celsius Network.
Meanwhile, the chainlink network is growing fast, with spikes of over 2,000 new addresses in a single day, according to the IntoTheBlock crypto analytics platform.
“Chainlink has positioned itself as one of the top 15 cryptocurrency projects in the world with a current market cap of approximately $1.11 billion and reported trading volumes of around $720 million over 24 hours,” wrote IntoTheBlock’s Nicolas Contasti in a Medium post.
“Performance wise, [chainlink] was having an amazing early 2020 run just until COVID-19 hit world markets, reaching an all-time-high of around $4.95 on March 4, which would have meant a year-to-date performance of 178%.”
Chainlink’s recent gains have also been attributed to the world’s largest bitcoin and cryptocurrency exchange by volume, Binance, working with chainlink developers on so-called decentralized finance products, and search giant Google using chainlink’s blockchain to bridge legacy databases.
Get The Best Financial Tips
Straight to your inbox
Subscribe to our mailing list and get interesting stuff and updates to your email inbox.
Thank you for subscribing.