RATE Group | Chainlink’s Link Token Outperforms Bitcoin as Business Wins Fuel Hype Cycle
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Chainlink’s Link Token Outperforms Bitcoin as Business Wins Fuel Hype Cycle

10 May Chainlink’s Link Token Outperforms Bitcoin as Business Wins Fuel Hype Cycle

Posted at 17:27h in Cryptocurrency News by

Chainlink’s link token is outperforming bitcoin by leaps and bounds as the oracle network’s various use cases garners investor attention, leading to a self-feeding bullish cycle.

Link rose by 31 percent in the first quarter and was trading near $3.20 at press time, representing a 42 percent month-to-date (MTD) increase, according to data source Messari. 

The cryptocurrency was registering a bigger MTD price gain of 62 percent over the weekend, when it was trading at a one-month high of $3.66. 

While the 14th largest cryptocurrency is extending its Q1 ascent, bitcoin, the top cryptocurrency, has eked out just 5 percent gains so far this month, having shed 10 percent of its value in the first quarter. 

link-and-btc-price-performance
Link and BTC price performance
Source: Coinbase, Crytosheets

This being the cryptocurrency market, hype has played a role in the run-up.

“Link has a strong fan base that constantly promotes or ‘shills’ the project to potential buyers. This often creates a positive reinforcement…

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