Altcoin Performer of the Week: Chainlink (LINK)
As the overall crypto market remained somber after the collapse of Bitcoin to below USD 30000 levels, some altcoins did show some minor rises before moving back to market trends. But the one coin top altcoin that stood out this week and should some bullish momentum was Chainlink (Link)
Chainlink’s price has been on the rise through the course of 2021. In the past week alone, the cryptocurrency saw its price hike by close to 20 percent, with renewed bullish momentum very evident on the charts. However, following past precedents, such gains only make LINK’s price more likely to see a minor correction in the near-term.
At press time, Chainlink was trading at $25.32 with a registered market cap of over $10.08 billion. Further, the cryptocurrency was also noting a 24-hour trading volume of $4.9 billion and was placed at 7th position on the overall list of coins and tokens placed by Market Cap, pushing down Litecoin(LTC) to 8th position. With this spike, Chainlink (LINK) is now in touching distance Cardano (ADA), which was in the sixth position.
While the Chainlink (LINK) price surge was a result of the newsflow this week, that Grayscale is preparing to add a Chainlink Trust product, any further incremental news might keep the coin buzzing in the coming week as well pushing it to a new All-time high
Altcoin Update from the week
While the bellwether BTC’s movement controlled most of the momentum and sentiment for the altcoins, altcoins did show resilience by not falling as much as the BTC did, exciting many investors the alt season was here.
Ethereum found itself comfortable above USD 1200 with a minor rise of less than 1 % this week. Last week’s hero Polkadot (DOT) also saw some cooling as the coin just rose 3.82 % this week. The other performers in the top 20 altcoin chart were
- Aave( AAVE), with a rise of 14.70 % sitting at 16th place
- Uniswap (UNI), with a rise of 10.81 % sitting at 15th place
- Tezos (XTZ), with a rise of 7.73 % sitting at 19th place
While the rise in Chainlink(LINK) did push Litecoin (LTC) down in ranking, the distance between market caps of Polkadot(DOT) and XRP widened, confirming the coin would stay in the number 4th position (by market cap) for some time.
Which Altcoins do you think will shine in the coming week?