ChainLink (LINK) Renews Rally Activity
LINK is becoming one of the most active altcoins, as other assets remain largely forgotten.
ChainLink (LINK) entered another period of high activity, getting a boost to a price of $2.63. As leading altcoins recovered on Monday, LINK was once again ahead of the pack, with a gain above 13%.
LINK traded at $2.63 around midday on Monday, erasing previous losses. The asset has failed to break above the $3 mark, or repeat its records, but still stages significant short-term gains.
LINK was also among the best-performing assets this year. The coin spent most of the bear market with subdued prices under $1, before this spring saw one of its first rallies. LINK managed to become one of the few altcoins to outpace the growth of Bitcoin (BTC).
LINK is standing out in a year where most altcoins remained stagnant, except for the relatively good performance of exchange-based tokens. The LINK rally is highly volatile, but each period of wild gains is only increasing the coin’s publicity.
LINK is still mostly traded on the Binance exchange, with its own significant USDT market. More than 44% of all LINK activity is happening in the pairing with the USDT stablecoin. For that reason, LINK has appreciated to above 31,000 Satoshi, on track to repeat its 33,000 Satoshi record.
The ChainLink project has started to offer its oracle services for smart contracts, and has achieved multiple partnerships. With a strong community, the asset has the chance to keep some of its gains.
However, the general enthusiasm for altcoins has diminished, and LINK remains a single-digit coin. There are some expectations for a larger rally that may mimic previous wild altcoin gains, but so far, LINK only climbs in a linear fashion, without leaps of a few hundred percent, as during the altcoin season in 2017.
Along with LINK, several relatively inactive assets reawakened. Bitcoin SV (BSV) is going through a pump and possibly a concerted price action, gaining 17% in the past day to $107.04. Bitcoin Cash (BCH) is also rallying, up more than 8% to $232.66.