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Chainlink, the cryptocurrency with outstanding behavior in 2020, sets another new record

July 25, 2020

Chainlink (LINK), one of the most powerful cryptocurrencies (altcoins) in 2020, set another record in statistics. In this case it is the Number of Twitter followers.

According to the market and research company CryptoCompare Project social media followers are constantly breaking new ground. CryptoCompare researcher they write::

“”LINK was one of the most outstanding old coins of 2020 and seems to be getting stronger. Her social media followers seem to be growing as she grows in popularity. “

Chainlink social media metric versus price

Chainlink, the cryptocurrency with outstanding behavior in 2020, sets another new recordChainlink, the cryptocurrency with outstanding behavior in 2020, sets another new record

Chainlink social media metric in relation to price. Source: CryptoCompare

Social media metrics are not a traditional way to measure the trend of a cryptocurrency. However, this could point to strengthening the community and improving market sentiment. At the same time, Bitcoin’s dominance in tweets remains significantly higher than that of LINK – 41.5% versus just over 5%.

Bitcoin vs. Chainlink Tweet dominance

Bitcoin vs. Domain tweets chain link. Source: thetie.io

Chainlink drives new partnerships and DeFi growth

The mood in the Chainlink community seems to be improving due to two factorsnamely new partnerships and the growth of decentralized financing or DeFi.

Chain link that delivers oracles through smart contracts that are mainly used by DeFi protocols. Oracle delivers real-time market data, and DeFi platforms need to implement Oracle to function smoothly.

DeFi protocols have two options: Use existing Oracle service providers or create your own Oracle. This last option is more convincing because it saves project costs. So far, DeFi protocols such as Aave and Synthetix have been using Chainlink.

Stani Kulechov, Aave’s CEO, said:

“I think part of the compositional skills is that you don’t have to build everything yourself. The Chainlink oracle is very good, and it’s part of this whole idea of ​​compositional skills, it’s vital.”

Accepted The total blocked in the DeFi market reached a new maximum of $ 3.560 million. This further encouraged the DeFi protocols to use Chainlink. In addition to the DeFi-related growth, Chainlink recently entered into a partnership with Binances Smart Chain and T-Systems from the German telecommunications giant Deutsche Telekom.

“You could even say that a telecommunications company’s job is to be a provider of public blockchain network infrastructure,” said Gleb Dudka, an analyst at T-Systems MMS, in a recent interview with Cointelegraph.

Binance Smart Chain also uses Chainlink oracles to add exchange ratesThis helps Binance DEX to function in the DeFi area.

Binance wrote:

“Chainlink oracles increase the market coverage of DeFi apps on Binance Smart Chain by retrieving price data from data aggregators that aggregate the prices of all centralized and decentralized exchanges.”

Where does LINK go from here?

LINK is still the only one of the 30 most important cryptocurrencies in the world it has fallen from all-time highs by less than 20%.

After a great July performance that hit a new all-time high, Technical analysts are cautiously pessimistic.

Rejection of LINK in lower periods

LINK rejection in lower time frames. Source: Michael van de Poppe

Michael van de Poppe, a full-time trader on the Amsterdam Stock Exchange, said this in the short term LINK can be reset after rejection.

“And declined at $ 8. Otherwise, there could be a little support now. Let’s retest $ 7.15 lows“, he showed.

For now, The market seems cautious in the short term and positive in the medium term, based on solid foundations, the rapid growth of DeFi and top-class partnerships.

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