After the crypto winter of 2018, 2019 shows a completely different picture. The rate of bitcoin (BTC), the largest cryptocurrency on the market, has risen by more than 200% this year. However, the majority of the altcoins remain behind.
This does not apply to chain link (LINK). Chainlink shows an increase of more than 250% in the month of June alone and an increase of more than 1000% for the whole of 2019! The price of chainlink was around $ 0.29 around New Year. On June 29, the price of LINK briefly peaked around $ 4.45.
Chainlink has now reached a market capitalization of more than $ 1.2 billion and is now in seventeenth place of the largest cryptocurrencies on the market. The altcoin has surpassed competitors such as IOTA (MIOTA), Cosmos (ATOM) and Ethereum Classic (ETC) and comes very close to NEO (NEO) and Dash (DASH).
The only other altcoin that has shown such an increase this year is litecoin (LTC). The price of LTC has risen by around 300% this year, but the only altcoin that turns green on July 5 is the dogecoin (DOGE). BitzArena reported earlier today that the value of DOGE increased by around 35% after cryptocurrency exchange Binance had announced that it would list the altcoin.
Chainlink is a smart contract platform based on Ethereum that uses so-called oracles that connects data on the blockchain with off-chain data.
A number of factors have probably caused Chainlink to rise. Google announced last month that it will collaborate with Chainlink for the development of hybrid dApps (decentralized applications). Last week Coinbase Pro listed chain link on the exchange. It is also speculated that the price is driven up by a high degree of FOMO (fear of missing out).