One of the top cryptocurrencies, Chainlink (Link) has received a major price boost within the last 24 hours. The price of LINK rose by 12% according to stats on CoinMarketCap. The rapid positive price action comes amid a new partnership between the Chainlink and Constellation network whose aim is to leverage blockchain technology in order to become a node operator on the Chainlink network.
Link’s Price Gets Boosted By 12%
The price of LINK on CoinMarketCap Monday morning was $2.66. The coin recorded a 12% increase in 24 hours after having traded between $2.30 and $2.44 on the previous day. Amid a steady price increase which began towards the end of Sunday, LINK recorded a series of price leaps and falls.
Link’s New Partnership
At the time of writing this piece, the cryptocurrency, Link is changing hands at $2.65. The price change has come amid Chainlink network announcing its integration with the Constellation network, a partnership by which Constellation network can make use of the Chainlink underlying blockchain technology to operate a node.
The partnership announced about a week ago, according to Benjamin Jorgensen, CEO of Constellation network,
“Poor quality data costs businesses nearly $700B a year or 30% of an average company’s revenues. Groundbreaking technologies, like Constellation and Chainlink, are approaching the big data space with decentralized, secure, and novel solutions to big problems.” “The collaboration showcases two blockchain companies with the aim of setting new standards around data while driving real-world adoption of distributed ledger technology.”
Chainlink also recently partnered with media conglomerate Thomson Reuters to help bring smart contracts into the mainstream. With the partnership, Thomson Reuters wants to integrate its document automation service Contract Express with smart contract functionalities using Ethereum and Chainlink.
Link has been one of the best performing cryptocurrencies over the last year. The coin has gained considerably against the USD within the last month with a record gain of more than 40% in one month and it has risen by 600% within a year. At present, the coin maintains a market capitalization of $920.28 million with a 24-hour trading volume of $130.49.