The dollar value of Chainlink (LINK) exploded over the twenty-four hours leading up to July 13, notching up a new all-time high in the process. The value of LINK has risen throughout 2020, and has increased by 372% since January 1.
Leading into Monday, the value of LINK climbed from $6.34 up to $8.22—a 29.65% increase. The peak of the surge arrived in the early hours of the morning, before a slight rebound saw the token price retreat back to the $7.80 range, leaving it up 21% over the last 24 hours.
Despite the fallback, LINK still remains perched on a new all-time high. The token’s gains for the week now extend to 61%, while its monthly growth stands at 109%.
Why is Chainlink’s price rising?
Chainlink’s continued surge may have been driven in part by the recent decision by blockchain lending platform, Nexo (NEXO), to use its oracle system, as announced on July 8:
“Using Chainlink’s oracle networks would boost Nexo’s security and enable increased custody of user funds, greater loan volumes, and a more active OTC desk,” said the announcement by Nexo.
.@NexoFinance, a leading loan provider with over $600MM in AUM, will use #Chainlink’s Price Reference Data to help calculate interest payments & perform collateralization checks. This provides on-chain transparency & reliability for key lending functions. https://t.co/9AZrlMFTKZ
— Chainlink - Official Channel (@chainlink) July 8, 2020
On the same day, it was announced that decentralized exchange liquidity providers Bancor (BNT) and Ren (REN) had both elected to employ Chainlink’s oracles for use in their price discovery feeds.
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