Chainlink (LINK) Dodges Crypto Market Correction With 6% Gains. Here why

By Bhushan Akolkar
Published October 22, 2021 Updated October 22, 2021
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Chainlink (LINK) Dodges Crypto Market Correction With 6% Gains. Here why

By Bhushan Akolkar
Published October 22, 2021 Updated October 22, 2021

The broader crypto market has entered partial correction after hitting record-high valuations of $2.68 trillion earlier this week. While bitcoin and most other altcoins are in the red, Chainlink (LINK) is shooting northwards gaining more than 6% today.

As of press time, Chainlink (LINK) is trading 6.17% up at a price of $29.86 with a market cap of $13.3 billion. The recent price rally comes amid heavy whale accumulation for the LINK. As on-chain data provider Santiment reports:

Chainlink has opened Friday by going on a price surge. Millionaire addresses holding 100k to 10m $LINK own about 1/4th of the total supply now, the largest amount held in their history. The 16th market cap ranked asset was last over $30 five weeks ago.

Courtesy: Santiment

Associated Press Taps Chainlink for Election Data

One of the oldest news agency the Associated Press (AP) is tapping into the Chainlink blockchain for gathering economic, sports, and elections data in a decentralized manner. One of the biggest challenges with journalism today is the reliable sourcing of data.

The Chainlink oracles serve as the best way to transfer data from off-chain to on-chain in a transparent and decentralized manner. Associated Press will be running a Chainlink node that can start uploading a significant set of data. This data shall be cryptographically signed for verifying its authenticity.

In the official press release, Dwayne Desaulniers, AP director of blockchain and data licensing says:

“Chainlink technology is the ideal way to provide smart contract developers anywhere in the world with direct, on-demand access to AP’s trusted economic, sports, and race call data. Working with Chainlink allows this information to be compatible with any blockchain. The open-source software is reliable, secure, and widely used across leading blockchain networks.”

This recent development is a big boost for the Chainlink ecosystem and will encourage more players to join.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
820 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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