Chainlink (LINK) News – What made Chainlink (LINK) one of the best cryptocurrency performers today?

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The mainstream cryptocurrencies like Bitcoin (BTC) are lackluster today. They are almost flat. That is why it was expected that the Altcoins might also not see a lot of action. However, the exact opposite thing is happening with Chainlink (LINK). It is one of the best cryptocurrency performers today.

What made Chainlink (LINK) one of the best cryptocurrency performers today?

Currently, Chainlink (LINK) is higher by 15.3%. It is trading around $ 0.4440. In the past 24 hours, the volumes have gone from $ 11.5 million to $ 16.3 million. Thus, the rise in price is along with the increase in volumes. It indicates that the interest of the investors in this cryptocurrency is also rising. In the interim, the market cap has risen from $ 133.78 million to $ 156.18 million. It clearly indicates that the market cap is growing along with the volumes.

The long-term outlook, however, is not that positive. When you look at the 7-day performance, it has actually fallen from $ 0.5440 to $ 0.4440. It clearly indicates that it is just a recovery rally. Only when it can rise beyond $ 0.5440, it can continue the rally. Up until that point in time, it is just a recovery rally and not a new rise which warrants an investment.

The 30-day performance has been stellar. It has risen from $ 0.2976 to $ 0.5444. It clearly indicates that the last one month has been stellar. When you look at the performance of the mainstream cryptocurrencies in the last 30 days, you will realize that it has been lackluster. They mostly had a negative bias. However, the same is not true for Chainlink (LINK).

Chainlink (LINK) is offering smart contract systems. It also facilitates data events as well as payments. As a result, the usage of the blockchain is on the rise. However, it is yet to witness the actual growth in the number of users who use the blockchain again and again. One-time users will not have a long-term positive impact on Chainlink (LINK). It will be easier for Chainlink (LINK) to justify the price rise only with repeated use. Otherwise, there might be a correction coming in the cryptocurrency.

If you’re thinking of investing in Chainlink (LINK), it is a good idea to wait it out. Only when it corrects, it will be easier for you to invest in this cryptocurrency. If you chase the momentum, you will most likely make a loss. It is a good idea to look at the fundamentals and let it correct a bit before contemplating any kind of investment.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

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