A critical analysis of the crypto market reveals that Chainlink (LINK) is the top performer in the top 30, not Ripple (XRP). In BTC terms—a base currency in which most coins and tokens are denominated in by cryptocurrency exchanges, XRP trails LINK in market performance in the last trading day. The ERC-20 token is up 4.46% against the resurgent BTC while XRP is down 4.51% in a day where it outperformed in the top 65 in USD terms.
Chainlink (LINK) Superb Performance Year-to-date
The third most valuable coin has been dominating headlines in the last day thanks in part to interesting fundamental developments and price recovery after a year that saw its fortunes plummet. Meanwhile, Chainlink remains diminutive, lodged at 18th in the market cap leaderboard, but is notably one of the top performers in the last year.
For perspective, Chainlink, an Oracle project that seeks to connect Ethereum smart contracts with real-world, vetted data, is up 423% against the USD, 168% versus the BTC, and 466% relative to ETH, year-to-date.
With a market cap of 91, 154.00 BTC and daily trading volumes of 9, 573.69 BTC, LINK’s ranks third in performance over the last trading week, adding 4% and trailing Monero—up 14%, Bitcoin SV—7% and Bitcoin Cash—5%. Interestingly, XRP is up a mere 1.5% over the same trading period.
Loopring and Chainlink Partnership
It’s an impressive feat and as a market leader in an under-explored smart contracting—oracle field, the coin appears to be in a position to carve out more gains, cementing its position as a dominant force, attracting top-tier partners in the process.
On Dec 27, 2019 Chainlink and Loopring announced a collaboration that would see the integration of several zkRollUp DEX protocols.
The integration between @loopringorg & Chainlink is live! Chainlink oracles are feeding the LRC-ETH price on-chain to ensure relayers stake enough LRC. This allows Loopring DEXs to scale off-chain via zkRollups, yet remain secure using economic incentives. https://t.co/hYsWLDnnq6
— Chainlink – Official Channel (@chainlink) December 27, 2019
Geopolitical Tension Fuels Capital Flight
Aside from coin-specific fundamental events that have so buoyed XRP, the growing geopolitical tensions is forcing capital flight to safe haven.
This could explain the gradual strengthening of Bitcoin over the last couple of days following the death of the Iranian General, Qassem Soleimani, and the deviance from North Korea.
Bitcoin, which has been endorsed by the US SEC as a utility, is benefiting from the said influx as it acts as a safe haven thereby outperforming other digital assets.
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Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich