Chainlink market cap has surpassed Bitcoin Cash, and the altcoin now stands at fifth place among the major cryptocurrencies. A year-long bull rally has resulted in a massive uptick in the Chainlink price. The rise of DeFi has ensured that projects like Chainlink have won investor’s trust.
Bitcoin Cash once commanded a $90 billion market cap. Interestingly, the Chainlink market cap has risen in just over a year to challenge the bigwigs. DeFi’s stratospheric rise has infused life into many related projects such as Band Protocol and Chainlink.
Chainlink has gained immense popularity due to its price oracles that feed data to DeFi apps like Synthetix that further provide tokenized derivatives to their customers. As the value locked in DeFi loans increases, the Chainlink market cap will rise in tandem as well.
Link token is widely used for API transporter payments, and are incorporated further in smart contracts. However, the utilization of token in various link utilities does not impact the price of Link token extensively.
Even during the crypto industry’s bearish times, Chainlink was highly popular among the investors due to the value it offered in the DeFi realm. In frog land, it defied many downturns to come out on top while its peers were being debased heavily.
Chainlink market cap has touched a new high on the back of increasing the value of Chainlink usage in the DeFi realm. As per Sergey Nazarov of Chainlink, few understand why the protocol is touching new highs.
The event of the Chainlink market cap surpassing Bitcoin Cash may go unnoticed in the crypto sphere as the community is geared about Bitcoin. LINK price can look like a bubble to many but the altcoin is viewed by many as the next big thing. Even at such stratospheric value and sharp rise, some analysts think it still has room to run further.