Bitcoin, for the most part, has been rather bullish during the start of the new year, but there’s one cryptocurrency – Chain Link – that some sources say is doing much better.
Chain Link Is Doing Quite Well
Bitcoin initially began the year over $7,000. It later fell back into the $6,000 range (albeit briefly) before a military drone strike in Iran by U.S. forces led bitcoin into what is considered the first bull rally the coin has experienced in roughly two months. It has been jumping by approximately $100 to a few hundred dollars each day since January 3, and there appears to be no end in sight, though at press time, the bullish behavior it’s exhibited as of late appears to be slowing down a bit.
Other cryptocurrencies are experiencing more mixed results, with some moving north and others moving south. Analysts and crypto experts have taken note of one altcoin known as Chain Link, which currently holds the 18th spot on the list of the industry’s top 20 cryptocurrencies. Thus far, the currency has spiked by a whopping 25 percent during the early days of 2020. It is estimated that the altcoin has jumped by as much as 1800 percent since the beginning of last year. That’s a high performing coin…
One of the primary reasons for Chain Link’s sudden spike appears to be newfound interest amongst crypto enthusiasts in China. In addition, Binance – the world’s largest and most popular cryptocurrency exchange – is working with developers of the altcoin to produce more decentralized financial products. Lastly, Google, has also used the Chain Link blockchain as a means of bridging “legacy databases.”
Simon Peters – bitcoin and crypto analysts at cryptocurrency exchange e-Toro – explained in an interview:
As with most blockchain projects in their infancy given the low liquidity initially, any surge in demand is likely to cause significant impact on price… With Chain Link developers working with the likes of SWIFT to help connect banks to smart contracts, as well as major companies like Google, naturally this has caused excitement around the potential of the platform going forward. This has subsequently encouraged investors to buy the link token, speculating on the project’s future success. With link prices increasing over the last year, this was further compounded by the ‘fear of missing out’ (FOMO) phenomenon.
Some Other Coins Join the Mix
With so much newfound attention and positive energy flowing its way, many analysts aren’t surprised by the currency’s sudden rise to fame.
Other coins performing well at the time of writing include the children of bitcoin, bitcoin cash (BCH) and bitcoin SV (BSV). The reason has to do with the ongoing lawsuit against self-appointed bitcoin creator Craig Wright, who recently turned over several documents to the plaintiff in the case, Ira Kleiman. One of these documents allegedly discusses a secret bitcoin stash worth billions of dollars.
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