Link experienced a surge of up to 39.5% pushing the price to $8.48 and a market capitalization of $2.5 billion. When it comes to retail investors, the value is yet to surpass $3 billion, evidence of a strong investor community.
The price soared high due to a mix of factors such as high-end partnerships, price discovery, and the strong base of the altcoin market.
Link had an initial record high of $5.31, and its story officially changed on July 6. Investors pushed the altcoin to a price discovery phase since every investor had a fear of missing out. The price discovery led to a price increase, and there is still a probability that there will still be an upward trend.
In just seven days, Link achieved a historical high since its price increased by more than 40%, from $5.31 to $8.48.
There has been a high trend in the price of Link from April 2020. When Bitcoin experienced its lowest low, there was an increase in demand for other cryptocurrencies from retail investors such as Coinbase. There are hopes that Link will surpass $10 in just a short time.
High profile partnerships
Since the beginning of the year, Chainlink has established many high-profile partnerships with many cryptocurrency companies. Its latest partner is Nexo, which is a huge crypto lender with up to 800,000 users. Chainlink partnered with Nexo to help it in deploying oracle solutions.
According to Chainlink’s cofounder Sergey Nazarov, Chainlink will help Nexo to have a secure and reliable oracle solution that will help Nexo users to verify the interest and collateralization rates that they should earn.
As of May, Chainlink has made partnerships with several blockchain projects and companies such as Hedera Hashgraph and Matic Network.
Growing altcoin market
Since Ether’s rally, the altcoin market is gaining traction. Bitcoin is more stable, and that has provided a strong base for altcoins to recover from stagnation.
The price of Ether increased from $175 to $240 since May and still in recovery mode. This has helped the altcoin market in general, to gain momentum.
In the past week, Bitcoin dropped in terms of dominance, and that is a clear indication that altcoins have a stronger market capitalization.
Some analysts, such as Peter Brandt, have predicted that this year will be a great year for altcoins. Some of the leading altcoins include Tezos (XTZ), Cardano (ADA), Chainlink, and Compound (COMP).
Image by Bitcoin CrypTO from Flickr