The coin is currently trading at £ 6.24.
As a result of this increase, Chainlink rose to 10th place on CoinMarketCap.
Analysts believe the main reason for this sharp surge is FOMO.
While Bitcoin has been trading sideways for more than a month, several analysts believe an altcoin season is beginning. Several altcoins have experienced wild price fluctuations. Chainlink (LINK), the native coin of the blockchain data oracle Chainlink, has developed impressively over the past week.
LINK rose 94.39% in the last week. This rally started on Monday July 6th when the coin was trading at £ 3,254. The coin gained 94.39% during the week. As a result of this upward trend, the price of the coin rose to £ 6.24 at the time of writing. During the 24-hour period between Saturday and Sunday, LINK gained 37% to trade at £ 6.52 before making a downward correction for trading at £ 6.25.
With this astronomical rise, the coin ranked 10th in the CoinMarketCap Top 100 list. The latest rally also brought LINK to a new all-time high. The coin had previously reached a high of £ 3.77 in March. However, a few days after March 12, it fell sharply to £ 1.44.
Factors that support the rally
According to reports, one of the main reasons for this rally was the fear of missing the FOMO trend among investors. This trend started after the coin rose between Monday and Tuesday last week. Analysts are therefore of the opinion that investors may have decided to switch to LINK to generate further profits. Because of this purchase, the price of the coin continued to rise.
In addition to FOMO, Chainlink has made several high-profile partnerships with other companies in the crypto scene this year. For example, Chainlink became the Oracle solution provider for Nexo, a crypto lender with 800,000 users. China's Blockchain Service Network has also integrated Chainlink's oracle functionality into its network.
The company has also partnered with Hedera Hashgrpah and Matic Network. Google also mentioned the company in one blog entry Synchronized creation of hybrid blockchain / cloud applications with Ethereum and Google Cloud.
The fact that BTC's volatility has decreased significantly in the past two months. As a result, investors have switched to altcoins to make more profit.