Recently, altcoins have been on a rally, but Chainlink’s LINK has made the most gains among these altcoins. Today, the blockchain oracle surpassed a market cap is $16B – a first for more than three months. In May 2021, LINK rose by over 13% in one day. Various analytics agree that LINK ranks among the top 13 cryptocurrencies worldwide.
LINK Rises In Cryptocurrency Rank
LINK’s new market cap, which it achieved today, shows that LINK has overtaken other notable altcoins such as MATIC, LTC, LUNA, and BCH in terms of market value. Top crypto analytics firm, Santiment reveals that LINK rose by 13% in the past 24 hours and has surged by almost 120% in the last one and a half months.
Santiment further remarked that there had been an increasing number of submissions from Chainlink developers on the GitHub network. Chainlink was launched a decade ago at about $10.90. Still, it became the favorite of retail and institutional investors this year which affected LINK’s price positively such that it attained a peak price of over $51 in early May 2021.
Thus, it was no surprise when grayscale announced the launch of a Chainlink trust in the first quarter of this year. As of this writing, the LINK price is about $33. This price shows that it had surged by over 120$ in the last six weeks when it reached an all-time low of about $12. Chainlink’s market dominance also shot up and is now about 0.65%.
Bitcoin And Altcoins Rally
Even though BTC price rose by about 7.5% in this past week, altcoin prices also surged powerfully during the period mentioned. Apart from LINK, altcoins that made notable price appreciation include SOL, DOT, XRP, and ETH. During the past seven days, each of Ethereum, SOL, and $dot increased by an average of 34%.
As altcoins made appreciable gains, the crypto market cap also rose to that effect. It has surged by over $1.2 tr. In the last six weeks, and is now at about $2.35tr. Since this past weekend, the digital assets’ market cap has surged by almost $61B. But there have been some notable changes in the top five cryptocurrencies as Cardano now ranks third, displacing Dogecoin from that spot and overtaking BNB and USDT to achieve that feat.
Before May 2021, several digital assets with similar use cases achieved new peaks. But now it seemed to be the turn of oracle blockchains and Ethereum alternatives, especially Solana. Given SOL’s sharp rise this past week, crypto enthusiasts are already forecasting that LINK might make a similar move.
Already, Chainlink’s price is over its crucial resistance level and could embark on a strong bullish run in the new few days. Even though it is 34% short of its peak price, this strong bullish run might see it reach its peak price next month, provided it maintains this run. Then, it may set a new peak price before the year ends. While LINK displaced LTC to become the 12th largest cryptocurrency, its market cap makes it close to replacing UNI from the 11th position.
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