It is worth noting that Chainlink has grown to become the biggest rival for Bitcoin, the world’s most valuable asset, in terms of the trading volume. Per the report by Messari, a cryptocurrency market data provider, Chainlink trading volume is beating every other digital currency except Bitcoin.
This altcoin has been demonstrating a significant amount of strength after Bitcoin. As of last year, Chainlink crushed several other digital currencies to rank as the top-performing crypto asset. This is probably the reason many retail investors are attracted to the crypto.
According to Messari, Chainlink trading volume is currently outperforming that of Ethereum and Ripple across several crypto exchanges. Despite the fact that altcoin is ranked as the 11th largest cryptocurrency by market value, it is second to Bitcoin in accordance with their total trading volume.
After the bloodbath on April 13th, Chainlink trading volume still reached over $130 million USD, while the second-largest crypto, Ethereum hit only $118 million USD. Chainlink almost doubled the trading volume of Ripple, which only reached $77 million USD.
Bitcoin trading volume reached over one billion USD, topping that of Chainlink by more than double. Many are optimistic about Chainlink with sentiments that Bitcoin is only leading the pace with its first-mover advantage.
The fact that Chainlink could beat the likes of Ethereum signals its popularity among cryptocurrency retail traders, including investors. Perhaps, their attention was drawn to the substantial returns which Chainlink has been making for long.
As of last year, Chainlink began with good strength, which it continued to maintain to end the year by over 1,400% increase. This earned it the top-performing altcoin.
Although the altcoin was affected by the coronavirus outbreak, which hit the entire market. Chainlink reportedly dropped by at least 70% to trade at one dollar per coin. The altcoin also saw massive falls on some exchanges; however, it was still able to recoup from the crash.