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October 4, 2022
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Altcoin

Chainlink is growing a lot, up 15% in the last hours

LINK reached its ATH recently, on January 22

Historically, altcoins have closely followed the dynamics and fluctuations of Bitcoin, valuing and devaluing depending on the movements of the main cryptocurrency. Things are a little different this time because Chainlink (LINK) is one of the altcoins trading on the green, despite Bitcoin’s continuing setbacks after its record high of $ 41,500 earlier this month.

New data from Santiment reveal that LINK is back on its winning track as it has grown by almost 15% in the past few hours. The metrics provider on the network observed:

“Chainlink is back to normal, with an increase of approximately 15% in the last hours. The ratio between bought and sold on platforms like BitMEX continues to predict where prices are going. ”

LINK, a decentralized oracle network built on the Ethereum network, is continually marking its authority in the crypto space. Its platform is one of the most sought after in providing tamper-proof reliable data for complex smart contracts on any blockchain.

For example, Equilibrium, a decentralized cross-chain money market, chose Chainlink to feed synthetic assets, loans and stablecoins using its smart contracts in November 2020. The decision to establish itself at LINK was driven by its proven solution as a decentralized oracle.

This explains why more investment flows are reaching this network, since the number of crypto whales with at least 1,000 LINKs grew by more than 445 in November last year.

Chainlink reaches new record of more than $ 25

On January 22, Chainlink reached the historic high (ATH) of $ 25.51, making it the seventh largest cryptocurrency based on market capitalization, after taking down Litecoin (LTC). LINK is still in seventh position and trading at $ 23.39 at the time of this writing, according to CoinMarketCap.

Cryptocurrency analyst Michael van de Poppe believes that altcoins like Chainlink are likely to rise even further if Bitcoin stabilizes. He explained:

“In fact, altcoins could still be going up a bit more if Bitcoin doesn’t go crazy on the downside. Chainlink is an example of: so far, so good. ”

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Oracles are used to bring real-world data to the blockchain through smart contracts. It can be anything from a weather forecast, a price feed or the result of a football match. Therefore, with Chainlink being one of the most sought after oracles, time will tell how price trends are advancing.

Source: Blockchain News

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