Chainlink (LINK) Price Surges Past $14 Gaining Over 40% In Two Days, DeFi Explodes

10. Aug 2020 Posted by Akolkar B on News

There’s no stopping Chainlink (LINK) as the altcoin continues to make massive moves northwards. In the last two days, Chainlink (LINK) price has jumped over 40% hitting its all-time high of $14.38 on Sunday, August 9.

The LINK cryptocurrency is now the sixth-most valuable cryptocurrency with a market cap of $4.77 billion. The altcoin has been on an unstoppable journey since the beginning of 2020. So far, the Chainlink (LINK) token has given over 500% returns year-to-date.

At press time, Chainlink is trading at $13.60 as per the data on WorldCoinIndex. Analysts continue to believe that the Chainlink price can touch $20 by the end of August.

Chainlink is basically an oracle service provider which often helps to link off-chain data with on-chain  services or applications. As more and more enterprises and businesses continue to move on blockchain, Chainlink’s (LINK) popularity continues to grow simultaneously.

In the last few months, Chainlink has made important partnerships with some big blockchain projects, and has pulled investors with this. In June 2020, China’s National Blockchain Service announced Chainlink integration to transfer real-world data.

Even tech giants like Google and Oracle have integrated Chainlink to move data from their cloud platforms to other blockchain networks.

On the other hand, the Chainlink price surge has also pushed the DeFi coins to all-time high. Chainlink is the leading contributor to the recent surge in the DeFi market cap.

Decentralized Finance (DeFi) which is said to be the next big revolution in the financial market has exploded massively in the recent times. The Ethereum blockchain, which is host to some of the biggest DeFi apps, has seen massive volume spike in DeFi transactions over the last few months.

DeFi looks unstoppable at this time as the LINK’s trading volumes at $145 million supposed Bitcoin’s which was around $95 million.

Apart from the massive surge in the DeFi smart contracts, the amount of cash locked in the DeFi smart contracts has also surged significantly. As per the industry data, the total cash locked in the DeFi smart contracts has surged from $2 billion a few weeks back, to now over $4.55 billion.