Chainlink (LINK) Registers New All-Time High Above $22 With High Whale Activity & Paxos Partnership

By Bhushan Akolkar
Published January 16, 2021 Updated January 16, 2021
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Chainlink (LINK) Registers New All-Time High Above $22 With High Whale Activity & Paxos Partnership

By Bhushan Akolkar
Published January 16, 2021 Updated January 16, 2021

While Bitcoin (BTC) and Ethereum (ETH) are showing some tumultuous volatility, it’s time to look at some of the lesser-known altcoins. Oracle service provider Chainlink has shot 22% to hit a new all-time high above $22. At press time, LINK is trading at a price of $22.16 with a market cap of $8.8 billion.

With this move, LINK has become the ninth most valuable cryptocurrency replacing Stellar (XLM). The Chainlink rally has been back with strong on-chain fundamentals. On-chain data provider Santiment shows its “Holders Distribution data” wherein the whale number has remained high whereas the mid-tier addresses are growing rapidly.

Courtesy: Santiment

On the other hand, the active address for LINK has also hit a new 5-month high. This possibly comes on the backdrop of rising DeFi activity as Chainlink finds a solid use-case in the Decentralized Finance (DeFi) space.

Paxos Global Partners With Chainlink to Enter DeFi

Cryptocurrency brokerage platform and leading financial market infrastructure Paxos announced its partnership with Chainlink on Thursday, January 14. Paxos will leverage Chainlink’s decentralized oracle network to make its asset-backed token Paxos Standard (PAX) and Paxos Gold (PAXG) available across the decentralized finance (DeFi) market.

Adding Paxos tokens to the Chainlink feed will make integration easier for different DeFi applications. Walter Hessert, Head of Strategy at Paxos said:

“Chainlink oracles will accelerate the adoption of Paxos’ USD and Gold-backed tokens in DeFi. With the proof of reserve and price available on-chain, our regulated assets will become more accessible for DeFi users.”

Currently, USDT and USDC have a lion’s share in the stablecoin utility in the DeFi space. Also, only MakerDAO offers PAX as a collateral type. The new partnership will let more DeFi projects to use the PAX stablecoin. Also, the Paxos Gold (PAXG) can bring the utility of real-world assets to the DeFi market.

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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
824 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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