- Link and other altcoins have enjoyed enormous growth since the beginning of the year.
- Bitcoin price has been hovering between $30k -$40k since last week.
Chainlink native token, LINK, and other altcoins have gained massively since the beginning of the year. Bitcoin is, however, currently taking a hiatus.
In the last 24 hours, the decentralized oracle network token set a new price record of $23.68, and as of press time, it was trading for $21.73. This indicates a seven percent increase for the token daily. According to Coindesk data, the previous high was reached in August, and it traded for $19.90.
The crypto asset value has continued to increase since the year began continuing its performance of over 500% rise. Mostly, the oracle acts as a link between smart crypto contracts and off-chain data feeds.
Other altcoins like Bitcoin Cash, ETH, and LiteCoin have gained between two to eight percent in the last 24 hours.
The leading crypto asset, Bitcoin, gained close to five percent within the same period, and it is trading for around $36,900. The coin price has been moving between $30k to $40k in the previous work. This period of price consolidation has given room for investments in other crypto assets.
LINK and other altcoins continue to rally
Altcoins have been on a strong rally since Polkadot blockchain’s DOT token rose to the fourth-largest cryptocurrency by market capitalization. This prompted the CEO of Equilibrium, Alex Melikhov, to say that other altcoins have also been working in tandem with the rise of Polkadot.
Lark Davis also went on to posit that Bitcoin could continue hovering between its current state while other Altcoins would have the opportunity to “pop hard.”
Link might also be able to capitalize on the boost on the coming switch to proof-of-stake. This means that users would be able to pledge the asset for a considerable period in return for rewards.