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Chainlink (LINK), previously struggling to keep up with market performance, is now showing upsides. LINK'S price increased by 8% during the day, positioning the asset toward the top 10 cryptocurrencies, per the CoinMarketCap hierarchy.
Chainlink trails Tron in market cap
Data from CoinMarketCap shows the price of LINK jumped 8% within the last 24 hours to trade at $25.75.
Godfrey BenjaminThe ongoing surge has pushed the market capitalization to $16.4 billion. As a result. Chainklink trades as the 11th-largest cryptocurrency, trailing behind Tron (TRX), which has a market cap of $21.57 billion.
Notably, optimism for Chainlink is still low, as the declining trading volumes indicate. Within the last 24 hours, the trading volume decreased by 36% to $1.35 billion. Intriguingly, Tron's trading volume dropped by over 51% within the same time frame.
This means a substantial uptick in Chainlink investors’ sentiment could help push LINK toward a top 10 crypto spot. Previous performance shows that Chainlink could easily increase activity and interest in the next few days.
U.Today reported that Chainlink's trading volume increased by 223% in just 24 hours. This spike helped to push the price by over 41%.
Favorable Chainlink metrics
Favorable sentiment has largely influenced Chainlink's latest price action on the broader crypto market.
The market has recovered from Monday's downtrend, demonstrating a 2.5% increase in the past day. Bitcoin (BTC), the flagship cryptocurrency, is up 3% on the daily chart, but it is still down from its all-time high of $105,276.
Yuri MolchanNetwork fundamentals, whale accumulation and partnerships also support the recent price surge in LINK. On Jan. 15, onchain crypto analyst Ali Martinez reported an accumulation of 1.35 million LINK by crypto whales.
Regarding partnerships, Ripple Labs recently integrated Chainlink's Price Feeds for its RLUSD stablecoin. The partnership has helped to strengthen Chainlink's leading role in decentralized finance (DeFi).
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov