Today is the price of Chainlink (LINK) rose over 34% to hit a new record high of $ 8.48 and also a $ 2.5 billion market cap.
Three key factors that have likely brought the LINK price to a new record were: Top-class partnerships, pricing and strong dynamics are currently driving the altcoin market.
Weekly market price chart for cryptocurrencies. Source: Coin360
The discovery of prices increases the LINK price
On July 6, the LINK price broke its previous record of $ 5.31 and officially entered a pricing phase, which usually leads to an increase because investors fear being left out.
Once pricing occurs and the asset reaches a new high, The likelihood of an expanded upward trend is increasing.
Seven days after LINK hit a new all-time high, its price went up by more than 40%from USD 5.31 to USD 8.48.
The LINK trading volume also rose to a level that has not been reached since April 2020when the price of Bitcoin (BTC) recovered from a sharp drop to $ 3,750. At this moment Demand for retail cryptocurrencies at Coinbase increased.
As for LINK’s push, Cointelegraph employee Michael van de Poppe said::
“The personal goal of $ 7.10 to $ 7.25 has been achieved since the previous tweets were released. What a beast It’s just a matter of time before it reaches $ 10. I think that is possible this year. “
The LINK-USDT hits a new all-time high. Source: TradingView
New top-class partnerships
Throughout 2020 Chainlink has made several high-level partnerships with companies in the cryptocurrency sector.
8th of July Chainlink has partnered with Nexo, a cryptocurrency lender with around 800,000 users, to deploy its Oracle solutions. Chainlink co-founder Sergey Nazarov said:
“We are excited to bring Chainlink’s secure and reliable Oracle solutions to Nexo’s popular credit platform so that users can independently chain-check the interest rates and collateral they should receive.”
Chainlink has worked with blockchain projects and companies for the past two months, including Hedera Hashgraph and Matic Network. Chainlink was also mentioned in a blog post by Google titled “Building Hybrid Blockchain / Cloud Applications Using Ethereum and Google Cloud”.
The altcoins market continues to gain momentum
After the rise of ether (ETH), the altcoin market as a whole has gradually recovered. Bitcoin’s stability provides a solid foundation for recovery from altcoins after a year of stagnation.
The ether price rose from $ 175 to $ 240 in the first week of May and it appears that the gradual recovery in its price has allowed the altcoins market to maintain its momentum.
Bitcoin’s dominance declined slightly during the week. Source: CoinMarketCap.com
Over the past 7 days, the Bitcoin domain has dropped from 64.15% to 62.45%, which shows this Altcoins have increased in market capitalization.
Earlier this month, Traders like Peter Brandt predicted that an altcoin season could take place sometime in 2020. The strong performance of key altcoins, including Cardano (ADA), Chainlink, Tezos (XTZ) and Compound (COMP), has improved sentiment on the cryptocurrency market.