Chainlink (LINK) against all odds ended the week, joining the top 10 most valuable cryptocurrency by market capitalization following a surge in interest by crypto traders and investors for the digital coin over the last several weeks.
Data from coinmarketcap showed that amongst the altcoin surge of the past week, LINK has been one of the biggest winners, reaching a new all-time high at $8.33 yesterday (currently sitting at around $7.30).
On July 4th, the number of LINK exchange deposits reached an ATH, with ~5000 individual deposits totaling nearly 4 million LINK (worth almost $19 million at the time). As a result of this influx, the net flow of LINK to exchanges experienced a brief but notable spike, reaching its highest point in over a year.
Then, on July 13th, LINK exchange deposits spiked again (albeit less intensely than the previous spike), bringing net flow back into the positive numbers again as more LINK flows to exchanges.
As a result of this, the number of new addresses acquiring LINK per day has reached an all-time high, and the total number of addresses holding LINK has risen back up to overtake its previous all-time high, after having dipped briefly earlier this month.
Download the Nairametrics News App
Quick fact: Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.
Since blockchains by principle can’t have access to data outside their paths or networks, a defi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.