The native token of decentralized oracle network Chainlink, LINK, has been on a tear the past couple of weeks. The cryptocurrency stole the spotlight earlier this week after skyrocketing to a new all-time high. LINK’s blistering rally has seen it crack to the top ten cryptocurrencies by market cap and is now worth around $2.9 billion.
At the time of publishing this article, LINK is valued at $8.19. It has gained a cool 14.36% on the day and is actually the best-performing coin among the top 100 cryptocurrencies. According to a recent poll, investors are positive LINK will hit 10 dollars before the flagship cryptocurrency re-tests the elusive 10,000 mark.
Raging Rally: LINK Is Now The 8th Biggest Crypto
Over the past few weeks, LINK has been moving from strength to strength. The coin recently hit a new all-time high of $8.53 and it looks set to crawl higher. This sudden spike in LINK’s buying pressure comes even as bitcoin stalls below $10,000 for approximately 48 days now. This basically means that LINK has been moving independently of bitcoin’s influence.
In addition, LINK’s fundamentals have been blossoming. For instance, data from Santiment reveals that LINK is continuing to post exceptionally high daily active addresses. This uptrend is a clear sign of how active the network has been and investor confidence.
The crypto-asset has outflanked popular large-cap peers like EOS, Crypto.com Coin, Tezos, Binance Coin, Stellar, and Litecoin (LTC) on its way to the top. Should this rally continue, LINK is likely to surpass Bitcoin SV (BSV) next.
LINK Will Reach $10 Before Bitcoin Reclaims $10,000
As a result of LINK’s stellar upward advance, investors are now convinced that the asset will break past the recent high of $8.5 and reach a new high of $10 before BTC can make meaningful progress past $10K.
This has been evidenced by a recent Twitter poll that was directed by CFA manager at Cane Island Alternative Advisors, Timothy Peterson. The final results show that 67% of the respondents are of the opinion that LINK will set a new record before the king of cryptocurrencies is able to go back to $10,000.
Which will happen first? #ChainLink $10 or #Bitcoin $10,000? $LINK $BTC
— Timothy Peterson (@nsquaredcrypto) July 13, 2020
With the bulls looking ready to push the price of LINK further, it’s only a matter of time before the coin posts a new all-time high. Perhaps it’s worth remembering that Peterson is a Chainlink enthusiast who believes the asset will be “bigger than bitcoin” sometime in the future.
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