Right this moment the worth of Chainlink (LINK) soared by greater than 34% to succeed in a brand new all-time excessive at $8.48 and likewise notch a market capitalization of $2.5 billion.
Three key components that doubtless pushed the worth of LINK to a brand new report excessive have been: high-profile partnerships, worth discovery, and the robust momentum that at present drives the altcoin market.
Crypto market weekly worth chart. Supply: Coin360
Value discovery drives LINK worth increased
On July 6, the worth of LINK surpassed its previous record high at $5.31 and formally entered a worth discovery section, which usually results in a “concern of lacking out” rally amongst buyers.
As soon as worth discovery happens and the asset begins to rally to a brand new peak, the likelihood of an prolonged uptrend rises.
Inside seven days of LINK recording a brand new historic excessive, its worth rallied by greater than 40% from $5.31 to $8.48.
LINK’s trading quantity additionally rose to ranges unseen since April 2020, when the worth of Bitcoin (BTC) was recovering from an intense drop to $3,750. On the time, demand for cryptocurrencies from retail buyers on Coinbase was surging.
With reference to LINK’s momentum, Cointelegraph contributor Michael van de Poppe said:
“Private goal right here at $7.10-7.25 reached because the tweets earlier. Such a beast. Only a matter of time till it reaches the subsequent one at $10. I believe that is doable this yr.”
LINK-USDT reaches a brand new all-time excessive. Supply: TradingView
New excessive profile partnerships
All through 2020, Chainlink has secured several high-profile partnerships with firms inside the cryptocurrency sector.
On July 8, Chainlink partnered with Nexo, a crypto lender with reportedly 800,000 customers, to deploy its oracle options. Chainlink co-founder Sergey Nazarov said:
“We’re excited to deliver Chainlink’s safe and dependable oracle options to Nexo’s well-liked lending platform to allow customers to independently confirm on-chain the curiosity and collateralization charges they need to obtain.”
Previously two months, Chainlink has collaborated with blockchain tasks and firms together with Hedera Hashgraph and Matic Community. Chainlink was additionally mentioned in a blog post released by Google entitled Constructing hybrid blockchain/cloud purposes with Ethereum and Google Cloud.
Altcoin market continues to realize momentum
Following Ether’s (ETH) rally, the altcoin market as a complete has began to recuperate. Bitcoin’s stability has supplied a robust basis for altcoins to rebound after a yr of stagnation.
Ether worth rose from $175 to $240 because the first week of Might and evidently the gradual restoration in it’s worth has additional enabled the altcoin market to retain its momentum.
Bitcoin dominance barely decreased within the week. Supply: CoinMarketCap.com
Over the previous 7-days Bitcoin’s dominance fell from 64.15% to 62.45%, which exhibits that altcoins have elevated in market capitalization.
Earlier this month, merchants, like Peter Brandt, forecast that an altcoin season may happen in some unspecified time in the future in 2020. The robust performances by main altcoins, together with Cardano (ADA), Chainlink, Tezos (XTZ), and Compound (COMP), has led the sentiment across the crypto market to enhance.