Chainlink's LINK Surges 20% in a Day: Here's Why

Chainlink’s LINK Surges 20% in a Day: Here’s Why

Chainlink’s LINK token surged nearly 20% in less than 24 hours, hitting an 18-month high of $10.86.

Key Takeaways

  • Chainlink’s LINK token records a remarkable 20% surge in under 24 hours.
  • Korean exchanges Bithumb and Upbit amass 945,000 LINK tokens, worth $9 million.
  • Chainlink collaborates with global financial giants like ANZ, BNP Paribas, BNY Mellon, Citigroup, and Lloyds to tokenize real-world assets.
  • LINK’s impressive rise marks its highest price since May 2022.

Over the weekend, all eyes were on Bitcoin as it approached its 2023 resistance level just above $30,000. Meanwhile, Chainlink’s LINK token experienced an explosive rally, surging to its highest value since May 2022. But what’s fueling this remarkable momentum.

Surges On Peak

In less than 24 hours, Chainlink’s LINK token has surged by nearly 20%. Starting at just over $9 on Sunday, it hit an 18-month peak of $10.86 during Monday’s early Asian trading session.

This recent price surge is particularly noteworthy because it marks the highest price point for LINK since May 2022 when the Terra (LUNA) ecosystem faced a significant setback. Furthermore, LINK is currently the best-performing cryptocurrency in the market, boasting an impressive 44% gain over the past seven days.

Blockchain analytics platform Lookonchain pointed out a series of significant whale transactions involving LINK on October 22. These transactions were closely tied to Korean cryptocurrency exchanges, Bithumb and Upbit, which collectively accumulated 945,000 LINK tokens, equivalent to $9 million.

According to Lookonchain, “The rise in LINK price has a lot to do with Bithumb and Upbit.”

Additionally, it revealed that exchanges hold approximately 202.6 million LINK tokens, representing roughly 20.26% of the total LINK supply, which adds to the overall bullish sentiment surrounding the token.

ChainLinkGod, the ecosystem ambassador for Chainlink, highlighted on October 23 that Chainlink is actively collaborating with some of the world’s largest financial institutions. Their shared goal is to make tokenized real-world assets a practical and widespread reality. Notable partners include ANZ, BNP Paribas, BNY Mellon, Citigroup, and Lloyds Banking Group.

In a separate update, ChainLinkGod also announced the upcoming launch of Chainlink Staking v0.2, which will build upon the existing LINK staking mechanisms, further enhancing the Chainlink ecosystem.

To Summarize

Chainlink’s remarkable surge is underpinned by a combination of factors, including strong demand from Korean exchanges, strategic partnerships with major financial institutions, and ongoing ecosystem developments. As the crypto space continues to evolve, Chainlink’s pivotal role in bridging real-world assets with blockchain technology appears to be gaining significant traction, reflecting positively on LINK’s value. Keep an eye on this altcoin, as it continues to demonstrate its resilience and growth potential in a dynamic market.