Chainlink, a leading oracle network, has surged to record high as the LINK token has increased by 19%. In the past 24 hours, the price of LINK token has increased to $23.60 from $20, which accounts for an increase of 19%.
In the past 30 days, it has been seen that Chainlink’s value has increased by a total of 65%, which makes for a substantial hike in value. The current outlook for the token is highly bullish and it is showing that the price will increase further. Few analysts have predicted that if LINK will continue this bullish trend then it will be able to reach the top-three position.
Chainlink Requires $15B Market Cap to Reach Top-Third Position
In order to reach the top-three position, Chainlink will require a market cap of at least $15 billion. Currently, it is at the eighth position, with a market cap of $8.9 billion. It has been seen that Chainlink has been expanding its protocol in data feeds and services. Most of the DeFi protocols are depending on Chainlink for data oracles standard. Few analysts also claim that DeFi sector growth is contributing a lot to the success of this oracle network.
Driving the Momentum to Asia
Chainlink has also launched its Chinese website, which is showing that the platform is now driving this momentum to Asia. At the present time, not only LINK, but most of the cryptocurrencies are performing quite well. Among other leading cryptocurrencies, Binance Coin has shown a push of 9% and it will reach its all-time high anytime soon. The whole crypto market is highly bullish and there are a lot of predictions that this momentum will go further. Bitcoin, the largest crypto, is also showing highly bullish signs and is now eyeing the resistance level of $40,000 after undergoing a significant decline last week when it fell down from its peak value of $40,394.