Chainlink (LINK) price is rising. It has gained around 10% in 24 hours, while the growth within 7 days is over 30%.
Chainlink (LINK) price has made strong gains in the past 24 hours. The multipurpose data currency has risen by 10.92%. It puts Chainlink ahead of Binance Coin (BNB) and Litecoin (LTC). Chainlink’s (LINK) market capitalization has reached $2,787,477,829.
Meanwhile, LINK managed to rise to new highs of $8.17. This high wasn’t permanent as the token settled at $7.96. Chainlink (LINK) prices didn’t break its all-time high of $8.22.
Chainlink (LINK) has become one of the top cryptocurrencies of the year. The token has rallied 2,536% since it came onstream in 2017. Chainlink is a unique crypto. The ability to offer distributed ledgers real-time updates in data to offers limitless possibilities.
The rise of decentralized finance (DeFi) is one such example. LINK offers several DeFi projects accurate data via its oracles. These oracles are more secure than most data sources. They also offer a way out for distributed ledgers and blockchains that are immutable by nature.
Why Chainlink (LINK) Price Is Rising
Because of this, Chainlink (LINK) has been one of the highest earners in terms of yield within the DeFi space. Chainlink yield on the Aave DeFi protocol is one example of this. LINK-related search terms on Google has also grown exponentially. It has led many to believe that social media activity has a direct impact on the spot prices of cryptocurrency tokens.
The truth is that there are many sides to this issue.
Firstly, most traditional media sources have sidelined the coverage of cryptocurrency news. They still view anything concerning the crypto space as “fringe technology”. It is this general attitude that has contributed to the lack of mainstream adoption.
Secondly, legacy systems are fighting back by this “boycott” of cryptocurrency-related content. The removal of content from YouTube by Alphabet-owned Google is one such example.
We all know how there are no vacuums in nature. Social media content and blogs have filled in the information void.
Projects like Chainlink are the future of dynamic information exchange. The main issue is that most people don’t know about it.
Oracles Offer Great Possibilities
As more projects begin to flow into the crypto space, there will be a need for real-time information exchange.
Chainlink (LINK) offers that possibility. One problem that has been dogging the crypto industry has been the lack of zero information exchange across ledgers. Solutions to this problem have either been too expensive to implement or too complex for newbies.
The use of Oracles presents an inexpensive way to solve this problem. Oracle transactions can also function as per the desires of the project creators. The cost of transactions can be adjusted accordingly.
This kind of flexibility is what excites everyone in the DeFi community. And it has led many to think that we may have a 2017-like bubble on our hands in the DeFi space.
It is too early to tell. One thing is sure. Oracles and DeFi projects are peas in a pod.
Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.