As bitcoin (BTC), the leading cryptocurrency in terms of market capitalization, continues trading sideways, many alternative cryptocurrencies (altcoins) have been recording massive gains. One such coin is LINK, the native token of renowned decentralised oracle network Chainlink. LINK’s uptick in recent days saw it surpass its previous all-time high (ATH) before setting a new one above £18.
LINK surged as high as £18.7 earlier today, recording its highest price since launch. However, after setting a new ATH, the coin made a slight price correction, losing 1.92% of its value. At the time of writing, the coin is changing hands at £18.35. This figure denotes a 4.21% gain over the past 24 hours and a 13.69% rise over the last seven days.
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Over the past year, the coin gained more than 500%, seeing as it traded between £1.5 and £2.2 in January 2020. Through these gains, LINK has managed to secure the 7th position on CoinMarketCap’s top-100 list of leading cryptocurrencies regarding market capitalization. The coin has a market cap of £7,426,636,383.5 with 402,509,556 tokens in circulation.
Factors backing LINK’s rally
According to experts, the current altcoin rally is correlated to BTC’s performance. At the time of writing, BTC is trading at £24,378.9 after gaining 1.67% over the past 24 hours. Analysts believe that through this consolidation period, BTC has allowed the circulation of funds into altcoins.
Explaining this concept, Vinny Lingham, the founder of crypto wallet and identity verification firm Civic, tweeted,
Apart from this, Chainlink has been making strategic partnerships with leading firms, including Google, which have in turn exposed LINK to more users across the globe. The most recent collaboration was with Queenbee, the developer of the QBEE platform, in a deal involving the integration of Chainlink oracles.
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