Analysts are now observing that Chainlink price trading volume on Coinbase is far outpacing that of Bitcoin
Chainlink price has seen unprecedented growth over the past few years, despite a market-wide downtrend and continuously creating new records.
Chainlink price surpasses Bitcoin
This strong momentum has stretched back to 2020 when LINK has conquered successively higher rankings and now becomes the sixth-largest cryptocurrency by market cap.
Just yesterday, LINK was able to climb to a high of nearly $ 14 on most trading platforms before facing selling pressure that caused prices to drop slightly.
LINK’s growth dynamics have caught the attention of virtually all crypto investors, leading to LINK’s transaction volume now outstripping Bitcoin on Coinbase. With this momentum, analysts are now placing more expectations on the ChainLink project token.
At press time, LINK is being traded at $ 13.23, recording a gain of more than 5% in the last 24 hours. This is also the price that has been strengthened after LINK increased to more than $ 14.00 and was “slightly discharged” yesterday. LINK declined to as low as $ 12.50 before finding strong support that stopped prices.
Chainlink price chart for the last three months | Source: CoinMarketCap
An exciting result of the recent volatility is the spike in Chainlink transaction volume. As one analyst observed, LINK transaction volumes on Coinbase are currently higher than Bitcoin.
“LINK volume has now flipped BTC volume on Coinbase ($ 145m vs. $ 95m) and is almost at par with BTC volume on Binance.”
This trend is a sign that investors are less and less interested in Bitcoin trading and more interested in the allocation of capital to highly bullish altcoins that are likely to outperform BTC shortly.
- Harmony Protocol Integrates Chainlink Live On Testnet To Open Up Access To Off-Chain Data
- Chainlink Price Crossed $13 For The First Time In Its Storied History, Now Up Approximately 30% In The Past 24 Hours