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.
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.
Meanwhile, an announcement from July 12 proclaimed Chainlink’s help in connecting Ethereum-based smart contracts to the world of SMS messaging. The recent partnership between Chainlink and Conflux Network claims to expand the frontiers of Web 3.0 to include older technology like SMS.
Chainlink’s upward trajectory continues—for the time being, at least.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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