Chainlink’s link token, driven by the increased popularity of decentralized finance (DeFi), has surged past bitcoin, becoming the most traded cryptocurrency of the past 24 hours on Coinbase Pro, the biggest crypto exchange in the U.S.
- Link’s 24-hour trading volume on Coinbase Pro is $163 million – nearly 70% higher than bitcoin’s trading volume of $96.48 million, according to data source Messari.
- However, link’s 24-hour aggregate global volume of $3.13 billion still amounts to just 17% of bitcoin‘s global overall volume of $17.53 billion.
- Spike in volumes lends credibility to recent price rally.
- Link’s price jumped to a lifetime of $14.38 early Sunday.
- The sixth-largest cryptocurrency by market value has gained 68% in the last seven days alone.
- The token’s staggering 700% year-to-date gain makes bitcoin’s 61% price gain look meager by comparison.
- All 184,330 link addresses are now making profit on their investment, according to data source IntoTheBlock.
- Link’s meteoric rise looks to have been fueled by increased usage of Chainlink’s price oracles in the ever-expanding DeFi space.
- Price oracles act as a bridge between cryptocurrency smart contracts and off-chain data feeds.