LINK seems to have appreciated to its new highs a few hours ago along with the appreciation that occurred at altcoins this Monday morning. Today this coin from Chainlink is rumored to have gained around 19% in the last 24 hours.
LINK Reach the Highest Price
The appreciation led LINK to hit a new high of $ 23.60. Previously, LINK was under $ 20 and yesterday’s appreciation brought it up to form its highest price today, although it is being corrected.
A price of $ 23.60 was grabbed on the Binance platform where even though it is currently starting to correct, the price is still strongly above $ 20. As a result, many parties predict that appreciation can still occur even higher.
This appreciation is due to several important things that have made the majority of LINK investors increase their ownership. As a result, in just 24 hours, the price went up with the majority of buy transactions, as the trading volume was far below the previous appreciation.
Main Cause of Appreciation
The recent price appreciation is rumored to be the result of new implementations in Chainlink smart contracts. This implementation has made the connection between the blockchain and real-world data easier to connect than ever before.
As a result of this news, LINK managed to get a trading volume of around $ 2.52 Billion in just 24 hours. Currently due to yesterday’s price hike, LINK has risen around 37% in the last seven days and 65% in the last month.
The news of this implementation comes along with several updates to the Chainlink network system as a whole, especially in the oracle. This update makes reporting of asset price data more accurate.
One of the coins that uses the oracle from Chainlink is Litecoin, which currently has a more accurate record of price movements thanks to the Chainlink oracle. Currently, more DeFi protocols are turning to Chainlink to use its data oracles.
Only last week platforms such as NULS, Opyn, Neutrino, Paxos, Warp Finance, Poolz, and SynLev have adopted the oracle data from Chainlink. This movement shows that interest and positive perceptions of Chainlink growth are increasing.
Positive Perceptions of LINK
One researcher points out that it is not only Chainlink that is helping to drive growth in the DeFi sector. However, the DeFi sector due to this oracle adoption movement also continues to encourage positive sentiment towards Chainlink which affects LINK prices.
With the increasing importance of data in the current industrial era, the Chainlink oracle is gaining special interest. This created a positive sentiment along with the launch of a Chinese-based website which boosted its growth in Asia.
As a result of this many positive sentiments, the Chainlink community called Link Marines predicts that LINK will reach third place in market capitalization by the end of March 2021.
To make this achievement possible, Link will have to beat five other crypto assets and increase its capitalization by $ 15 Billion. Even though it looks heavy, this appreciation is still very likely due to its not too far distance from several crypto assets in front of it.
Other Crypto Assets Also Keep On Going Up
Even though it looks easy due to its short distance, currently the crypto assets that LINK have to beat are still moving positively. Although the majority appears to be stagnant, some coins appear to have risen to score new achievements.
Binance Coin is seen rising about 9% reaching its high of $ 47 a few hours ago. Polkadot (DOT) and Cardano (ADA) also seen strong appreciation and reflected that the domination of altcoins was about to begin.
This appreciation was seen along with Bitcoin which was stagnant and even began to be corrected down. At the end of last week, Bitcoin price seems to be consolidating and has dropped around $ 4,000 to $ 5,000 from its highs.