What's Going On With Chainlink Cryptocurrency?

Chainlink (LINK), the decentralized oracle network, hit an all-time high of $42.08 on Wednesday.

What Happened: LINK traded 11.05% higher at $40.02 on Wednesday night at press time. The cryptocurrency has shot up 25.76% over a seven-day trailing period. 

The market capitalization of LINK has grown 10.81% to $16.75 billion, as of press time. The coin enjoys a market dominance of 0.76%. According to Glassnode data, Chainlink liquidity on Uniswap reached an all-time high of $54.98 million late Wednesday.

Meanwhile, Bitcoin (BTC), which is the largest currency by market cap, has a market dominance of 53.1%.

BTC traded 0.98% lower at $62,773.53 at press time. The cryptocurrency touched an all-time high of $64,863.10 on Wednesday.

Why It Matters: The cryptocurrency’s market capitalization crossed the $10 billion mark in the first quarter and emerged as one of the top assets by the quarter by returns, according to CoinMarketCap data.

The market cap for LINK has more than doubled over the preceding quarter.  The cryptocurrency has given year-to-date returns of 261.65%.

See also: Best Cryptocurrency Apps

 

On Wednesday, Chainlink said that in order to meet Decentralized Finance’s growing demand for price reference data it is launching more “tamper-proof” oracle networks.

Last week, Graph Blockchain Inc REGRF said it had deployed capital to purchase LINK worth $500,000.

Graph’s CEO Paul Haber pointed to the cryptocurrency’s substantial market cap and fixed supply as reasons for the investment.

“Graph understands firsthand how valuable bridging onchain and offchain data sources is to smart contracts and Chainlink is the best solution on the market,” said Haber, according to a statement

Read Next: Dogecoin Finds Stability Around $0.13 As Elon Musk Tweets Fail To Give Push — Ethereum Shoots For The Stars

Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month

Posted In: BitcoinBlockchainChainlinkCryptocurrencyMarketsMoversTrading Ideas