Chainlink posts 5% gains during bearish market

In the midst of an overall gloomy market, Chainlink (LINK) is once again defying expectations, witnessing over 5% growth in the last 24 hours.

At $3.17, Chainlink is currently sitting at its highest value since mid-July and now occupies the position of 13th largest cryptocurrency by market capitalization—overtaking Cardano (ADA). To put this into perspective, Chainlink was ranked 17th with an $838 million market capitalization in August 2019, whereas back in May 2019, the cryptocurrency had a market capitalization of just $230 million and occupied position 35.

Chainlink is now one of just a handful of cryptocurrencies to be in the green across all short-term timeframes with LINK up over 24% this month and over 280% in the last six months. Comparatively, Bitcoin is up just 3.7% for the month and 8.5% in the last six months.

Chainlink is a rare case among cryptocurrencies. The majority of its price rallies appear to be nothing more than an unusual reaction to adverse market conditions. Chainlink tends to pump when the market as a whole is experiencing a loss, but often remains stagnant when other altcoins experience a rally.