The surge in the price of Chainlink (LINK) makes it the best performing token among the top 30 cryptocurrencies by market cap.
Chainlink (LINK), a decentralized oracle network that connects blockchains with real-world data, has shot up by more than 7% in the past 24 hours amid a sluggish market, attracting the attention of the digital asset community.
The price of the LINK token is $18.22 as of 2:20 a.m. ET Tuesday, with a market capitalization of $10.69 billion and a 139.90% surge in trading volume, which stands at $865.98 million.
LINK, the native token of Chainlink, incentivizes data providers (called oracles) to deliver accurate and timely information. Users pay for these services using LINK tokens, creating a functional and efficient ecosystem. It is the 13th largest cryptocurrency by market capitalization while being the 18th largest digital asset in terms of trading volume.
Chainlink (LINK) is up 35% in the past two weeks, followed by a 180% surge in the past year. However, the coin is still 65.54% off from its all-time high witnessed in May 2021. The crypto asset achieved a high of $18.86 in the past 24 hours but fell to $17.97 after traders capitalized on the gains. The token is currently trading above $18.
As reported earlier, the token witnessed increased interest in May after the blockchain network teamed with financial market infrastructure firm Depository Trust and Clearing Corporation (DTCC) and debuted the Smart NAV Pilot program. Through their collaboration, Chainlink and DTCC showed the benefits of merging the traditional financial system with the blockchain industry.
Possible Reasons for Chainlink (LINK) Price Surge
The surge in the price of Chainlink (LINK) makes it the best performing token among the top 30 cryptocurrencies by market cap. This can be attributed to the fact that Chainlink and its co-founder, Sergey Nazarov, will be at the Consensus conference in Austin, Texas, this week.
As per a post on social media platform X (previously known as Twitter), Nazarov will be a keynote speaker at the conference and will discuss Chainlink and digital assets. Meanwhile, the conference will also feature a fireside chat with international payment platform Swift. Consensus will be attended by 15,000+ people from 100+ countries.
Chainlink and Swift collaborated recently with the two entities, seeking to “prove that existing infrastructure can merge with the new world of blockchains.”
Interestingly, Nazarov also expressed his bullish views on the approval of the 19b-4 filings for spot Ethereum (ETF) exchange-traded funds by the Securities and Exchange Commission (SEC) on May 23. The Chainlink co-founder added that the approval “is a sign of a very clear trend that not only Bitcoin, not only ETH, but many other tokens out in the world will end up getting their own ETFs at some point.”
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