Chainlink (LINK) maintains its position among the top dog in the altcoins field as it sees a surge of over 3% in 24 hours, despite the increasing competition in the blockchain industry in which it operates as an oracle service.
Chainlink on-chart performance
LINK, the native digital currency of the protocol, earlier today was hovering around the price of $8, close to its 30-Day high of $8.33, recording gains of up to 7% within 24 hours, thanks to the protocol’s widespread acceptance and impact.
Trading at $7.76 as of the time of writing, chainlink had a 24-hour gain of over 3%, indicating that the bulls still have a firm grip on the asset market. Moreover, this price increase shows a rise of 3.3% over the previous 24 hours and a gain of 12.29% in the week-to-date period.
The effect of Chainlink has expanded even further this year, increasing the Total Value Enabled (TVE) to more than seven billion dollars.
While the rise of tokens is dependent in a unique way on higher buy-up, which also results from improved usefulness and usage, the growth may also be related to the increasing popularity of chainlink.
Why the price behavior?
The oracle service provider has gone live on more than ten social media platforms, bringing knowledge of the protocol to new users, as stated in one of its most recent updates. In addition to this popularity drive, Chainlink has been transparent about its objectives for this year.
The majority of these goals have kept the community excited about what the future holds for the cryptocurrency industry.
One of the most important steps it is looking forward to is repositioning itself so that it can onboard other blockchain networks and provide the bespoke solution that will establish it as the dominant oracle service provider to and from blockchains.
Ever since it was first introduced in 2017, chainlink has been contributing to the overall acceleration of the development of web 3.0 in a variety of different ways. With its increased focus on this position, the company also signs a combination of highly productive collaborations.
One of these collaborations was with Arbitrum, which is recognized as one of the linkups that have the potential to fundamentally alter the cryptocurrency environment. Chainlink’s price behavior is unlike any other cryptocurrency, and its volatility is far lower.
The cryptocurrency is now trading at a price that is 84% lower than its all-time high (ATH), which was $52.88.