Chainlink (LINK) is again on the move today, after gaining 25.5% in the last 24 hours to reach its current value of $13.49—its all-time high
Chainlink, the token that powers the decentralized price oracle, now occupies the position of seventh-largest cryptocurrency by market capitalization after leapfrogging Cardano (ADA) last night.
A new all-time high
The recent move continues almost two weeks of near-constant growth for Chainlink, which has been on the up since July 27th. From trough to peak during this time, LINK has more than doubled in value, and the cryptocurrency is now up 61.7% in the last week and 121.8% in the last month. Chainlink is now at its highest ever value and is one of the best performers in 2020.
LINK currently has a market capitalization of just over $5.18 billion. If Chainlik's price rose by a further 20%, its market cap would surpass its nearest competition (Bitcoin Cash) could see it take its spot as the fifth-largest cryptocurrency.
Although many LINK holders are no doubt elated at the recent price action, cryptocurrency asset management firm Zeus Capital is of the strong opinion that the cryptocurrency will dump at some point. To elaborate on this opinion, Zeus Capital released a 59-page document explaining why it believes Chainlink is overvalued and liable for a catastrophic dump.
The report has been controversial as the firm is also suspected of doubling-down on its position with a $20 million LINK short, which may have been completely liquidated after LINK broke above $12.80.
Chainlink's recent meteoric growth comes despite US cryptocurrency broker Coinbase temporarily disabling buy and crypto-to-crypto trades for LINK. These have now been re-enabled on the platform, but Coinbase hasn't yet revealed what the issue was.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Copy article link
Want to be a crypto expert? Get the best of Decrypt straight to your inbox.
Get the biggest crypto news stories + weekly roundups and more!