Chainlink (LINK) Leaves Top 20 Cryptocurrencies by Market Cap: Possible Reasons
LINK, a core digital asset of decentralized oracles network Chainlink, finally left CoinMarketCap's top 20 of cryptos by capitalization. At the same time, it seems that this is not its fault.
LINK leaves top 20, replaced by ALGO
Today, on December 2, 2021, Chainlink (LINK) sees its LINK token in red: the asset has plummeted 7% in 24 hours. As such, its capitalization drops to $11.6 billion.
Just like Cardano (ADA), LINK token trades down more than 50% from its all-time high registered on May 9, 2021, above $52.
ALGO, a token of high-performance smart contracts platform Algorand, demonstrates an almost 5% dropdown but surpasses Chainlink (LINK) by market capitalization.
Algorand (ALGO) added more than 50% in just three months and entered the top 20 by market capitalization for the first time in its history.
Battles of large caps
At the same time, Chainlink (LINK) leaves the top 20 not only thanks to Algorand (ALGO) but also due to the impressive rallies of other major altcoins.
In recent days, Terra (LUNA) and Polygon (MATIC) have spiked to new historic highs. The rivalry in the 10-20 zone has become quite savage.
Tomiwabold OlajideAlso, as covered by U.Today earlier today, Cardano's ADA jumped 15% in no time as the IOHK CEO stressed the advantages of his project's programming language over Ethereum's Solidity.
Alex DovbnyaLUNA, a native digital asset of high-performance blockchain Terra, added 60% in one week and surpassed overhyped memetic coin Shiba Inu token.
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Tomiwabold Olajide
Dan Burgin