This week it appears that capital is cycling back into DeFi assets, lifting the price of LINK up
Chainlink (LINK) is up 3% over the past 24 hours, and 16% over the week.
LINK had reclaimed the $12.00 support, putting the $14-$15 range within sight. If the market’s bullish sentiment continues, we could see this range revisited in a matter of days.
The price has experienced significant volatility over the past two weeks, reaching a low of $9.88 on November 4th, but then pulling back up to a high of $13.37 on November 7th when the aggregated market was surging again. In the past week, the price has consolidated within a range of about $2.00, staying between $11.50 – $13.50.
It seems LINK has been riding the same wave that other DeFi assets have been on as capital has cycled back into DeFi after many assets hit recent lows. However, if bitcoin corrects, the altcoin market could experience a pull down along with it.
Trading opened for LINK on the OKCoin crypto exchange today.
LINK at a glance
- Price: $12.81
- 24hr % change 2.9%
- Weekly % change 16.1%
- Market cap: $5 billion
- 24 hour trading volume: $808.9 million
- 24 hour low: $12.32
- 24 hour high: $12.94
- Token supply: 391,509,556 / 1,000,000,000
What is LINK?
LINK is the Ethereum-based cryptocurrency that is used to pay for services within the network. Contracts that need to connect to off-chain data must pay LINK to request data from Chainlink node operators. LINK is also staked by node operators to incentivize good service.
Chainlink is a network that connects real-world data, events, and payments to blockchains — largely DeFi protocols. The technology “provides a reliable connection to external data that is provably secure end-to-end.”
An infrastructural DeFi project, Chainlink is a decentralized oracle network that provides the basis for frequently used price feeds. As smart contracts that connect to external data sources, oracles are integral to DeFi development.
Oracles are technologies that link off-blockchain data — be that the price of a stock or the outcome of an event — to a blockchain network. Oracles have integrated their own cryptocurrencies as a way to incentivize usage and raise capital. Oracles are crucial in DeFi, as on-chain apps need to connect to off-chain data feeds.
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