Chainlink is now trading at its highest price since the beginning of March, when the cryptocurrency reached a historic high of $ 4.90
Chainlink (LINK), the 13th largest cryptocurrency by market value, is the biggest winner today among the top 20 currencies, having risen in price by more than 15% since this morning.
The month of June was unstable for Chainlink in terms of price. On June 12, LINK’s price fell (along with the rest of the market when Bitcoin depreciated) by about 10%, reaching a monthly low of around $ 3.90 per currency.
Since then, however, LINK has been in tears, with today’s high of $ 4.80 per currency nearly equaling the historic $ 4.95 high that the cryptocurrency hit in early March. This represents a 15% increase in price since yesterday’s price record of $ 4.18.
Why the sudden interest in Chainlink? Your development in the past few weeks may have a lot to do with it. You could say that LINK qualifies as a “DeFi token”, given that Chainlink’s technology is being integrated into the growing decentralized financial sector – and even though it is not currently listed in the DeFiMarketCap rankings.
Not long ago, the DeFi market was still recovering from the fall of the coronavirus. In April, the total market value of DeFi tokens, as measured by DeFiMarketCap, reached US $ 1 billion. In two months, that total has grown to over $ 6 billion, with Compound’s COMP currently leading the day (Chainlink’s reported market value of approximately $ 1.6 billion would be enough to take second place if it were ranked among DeFi tokens).
Chainlink joined forces with several major DeFi platforms this month, including the Kyber Network liquidity protocol, which joined Chainlink in mid-June to offer users the option of checking prices on the token exchange chain. This was followed by news that the decentralized VPN service Orchid would work with Chainlink to provide new pricing that would allow Orchid users to better understand the costs of buying bandwidth on the network.
In short, it is another sign that DeFi is on fire right now. Will it last or is it a 2017-style bubble again?