Chainlink (LINK) Grabs Third Spot After 37 Percent Rally, Surpasses XRP

Latest Cryptocurrency News
Sun, 08/09/2020 - 09:35
Alex Dovbnya
Chainlink blows up to a new all-time high, trumping Tether (USDT) and XRP
Chainlink (LINK) Grabs Third Spot After 37 Percent Rally, Surpasses XRP
Cover image via stock.adobe.com
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Chainlink saw yet another major rally on Aug. 8 that took it to yet a new all-time high of $13.76 on the Bitstamp exchange. 

The token awed the cryptocurrency space with a 37 percent price surge that devastated short-sellers.  

LINK
image by tradingview.com

After the bulls took a bit of a respite, the token’s price retraced to its current level of $12.68. It is still up a whopping 956 percent since “Black Thursday.”  

Chainlink surpasses Tether and XRP

The massive daily candle that was recorded yesterday was a watershed moment for Chainlink given that it managed to become the world’s third-largest cryptocurrency, according to data provided by Messari's OnChainFx.

With a market capitalization of $12.7 bln, LINK has trumped both Tether (USDT) and XRP. The latter is struggling to regain its speculative luster after losing it to Chainlink.

Chainlink
image by onchainfx.com

Notably, those who got into LINK one year ago, when it was sitting at 12th spot, would have walked away with 457 gains.    

XRP, on the other hand, is down 4.88 percent on the year-over-year basis.
 

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A huge uptick in activity

According to cryptocurrency analytics platform Santiment, the high-flying cryptocurrency also managed to reach a new peak in terms of daily active addresses that surpassed 15,600.

Santiment
image by @santimentfeed

Still, this is merely a drop in the bucket compared to the level of activity registered by Bitcoin and Ethereum, the two largest cryptocurrency networks.

As reported by U.Today, Bitcoin’s active addresses recently hit yet another 2020 high of $1.12 mln. Ethereum’s active addresses surpassed 654,000 in late July, the highest level since May 2018.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.