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Massive Increase: Chainlink Enjoys Over 100% Growth In Past Month

Chainlink (LINK) has experienced a major rally over the past week, taking the altcoin to a new all-time high.

Over the past few months, despite COVID19 and the halving event, Bitcoin price has remained somewhat stable. With a $9 680,37 USD high over the last 30 days and a low of $8 975,53 USD, the cryptocurrency hasn’t broken in either direction, holding an approximate trading value in place fairly well.

Bitcoin Price Over The Past Month

Looking at the data, it’s clear that the token is tight between just below the $9,000 USD mark and $9,700 USD, with a steady graph hugging the resistance and support.

Despite Bitcoin’s Stability, Chainlink Surges

Chainlink (LINK), on the other hand, has been enjoying a massive upsurge in price over the past month. The altcoin recently broke its all-time-high to see a price tag of $8,80 USD, over double the value it held a month ago when it was trading at $4,15 USD.

This new push in value has sent Chainlink into the top ten traded tokens on CoinMarketCap, as it overtook Litecoin, EOS and Crypto.com Coin. At present, Chainlink is still trading in the green in daily trading, with a 2.16% increase. However, it’s uncertain whether the altcoin will see a second surge, continue to rally, or whether it will be facing a dip of traders decide to sell. Should this be the case, Chainklink’s surge might looking at a classic pump-and-dump situation.

What Is Chainlink?

Chainlink is a cryptocurrency-based project. It has been designed as a decentralised cluster or network of nodes (computing power) which provides data and information from off-blockchain sources to on-blockchain smart contracts through oracles. With additional security in hardware and the decentralised network feature, the reliability issues are mitigated as there is not only one point of information or storage; rather the data is secure over numerous nodes. Chainlink also makes use of its ‘Chainlink Aggregating Contract’ which validates the data from the trusted and chosen oracles and analyses it and reconciles the information to ensure accuracy in the data.

Posted: Oct 30, 2020 Author: Becky Categories: Coin News