Chainlink Impresses With A Record-High Performance

Whatever the team at the Chainlink Network is doing, they are doing it pretty well. The Chainlink token (LINK) has even surpassed price expectations, even with the current bullish run in the crypto market.

While many other cryptocurrencies, including Bitcoin, have stalled in the past few days, Chainlink seems to be gaining momentum. Bitcoin has retracted in price, but altcoins like Chainlink are still making serious gains in the market.

According to a recent analytics report by Santiment, Chainlink has grown its number of new addresses to 143% higher than it was back in October.

🔗📈🚀 $LINK's network growth, which measures the amount of new daily active addresses created, continues its rapid rise. As of today, its 5,301 new addresses created is 143% higher than its 2,189 three months ago. This number nearly hit 10k five days ago. https://t.co/W3yWIB4TX5 pic.twitter.com/Uo8Hjqs159

— Santiment (@santimentfeed) January 23, 2021

Chainlink is a decentralized oracle provider that has gained massive usage both within the blockchain and crypto space.

An Impressive statistics for Chainlink (LINK)

On Saturday, the LINK token reached an all-time high after a massive price increase for several hours. Its performance means it has leapfrogged Litecoin (LTC) to become the 7th largest crypto asset by market cap. Litecoin’s market cap is about $9.6 billion, while LINK’s market cap is now $10 billion.

Although LINK’s price retracted below the $25 level, it shot further up to hit $25.17 on Monday, representing a 3.6% surge in less than 24 hours. Within a week, LINK has made up to a 14% gain, making it the second-best performing crypto asset, with Ethereum the only coin ahead.

Interestingly, the cryptocurrency traded around $2-$3 barely a year ago. Those who had faith in the token at that time are reaping their rewards for their patience now.

An all-round performance for altcoins

LINK is not the only altcoin to gain significantly in the past few days. Polkadot has gained more than 7% to maintain its place as the fourth-largest crypto coin by market cap, overtaking Ripple’s XRP in the process.

XRP has been the victim of a serious legal case the SEC has filed against its parent company Ripple. The coin lost most of its value after major exchanges distanced themselves from the token.

Bitcoin started falling last week when it dropped below $29,000. The top cryptocurrency experienced intense selling pressure when investors cashed out from the market to retain the gains they have accumulated over the past few weeks. But it is gradually bouncing back to that level and has lacked any serious price movement for the past few days.

However, Ethereum (ETH) also hit an all-time high of $1,450, which is a tiny fraction higher than its previous all-time high record of $1.440 in 2018.