Kryptodata

  • Market Cap: $2,536,786,316,406.57
  • 24h Vol: $92,915,738,925.08
  • BTC Dominance: 51.91%
What is fueling the LINK price surge as Chainlink dominates the market with a 61% weekly gain?

What is fueling the LINK price surge as Chainlink dominates the market with a 61% weekly gain?

Chainlink’s LINK token has experienced a significant rally, surging by 61.3% from Oct. 20 to Oct. 25 and reaching its highest point since May 2022. This surge coincided with Bitcoin’s 23% gain during the same period, but LINK’s performance stood out compared to other altcoins like Ether and SOL.

Several recent developments have contributed to LINK’s outperformance, including the announcement of Chainlink’s upcoming native staking upgrade and its integration into various blockchain networks. Additionally, telecom giant Vodafone revealed its involvement in the Chainlink network as a node operator.

Concerns related to the bankruptcy of FTX and Alameda Research, which initially put pressure on LINK’s price, have subsided. The demand for leveraged long positions in LINK has reached a three-month high, indicating increased investor interest.

The number of active addresses in the Chainlink network has also reached an 11-month high, suggesting growing adoption and usage of the platform.

Overall, the recent rally in LINK’s price can be attributed to positive developments in its ecosystem and increased bullish sentiment towards Chainlink’s oracle and decentralized computing solutions.

Summary:

– Chainlink’s LINK token has surged by 61.3% and reached its highest point since May 2022.

– The rally coincided with Bitcoin’s gain but outperformed other altcoins.

– Recent developments, such as the upcoming native staking upgrade and integration into various blockchain networks, have contributed to LINK’s outperformance.

– Concerns related to the bankruptcy of FTX and Alameda Research have subsided.

– The number of active addresses in the Chainlink network has reached an 11-month high.

– The rally is driven by positive developments in Chainlink’s ecosystem and increased bullish sentiment.

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