ChainLink [LINK] Short Term Evolution – High Ranked So Far
While Bitcoin is still leading the crypto market, seeing a 230% high and droping over the past week, another crypto has quietly gone up, outperforming many of the top 25 digital assets. We’re talkinga bout the surge ChainLink experienced this week after securing a listing on Coinbase. In 2019, ChainLink also secured deals with gazette and Google.
The blockchain platform that focuses on connecting smart contracts to external data sources has skyrocketed 117.2% listings on Coinbase Pro and Coinbase. It went from $2.03 to $4.41 on June 29, three days after its listings were announced on Coinbase.
As soon as Coinbase Pro announced that they would support ChainLink trading, LINK jumped 9% in just 24 hours. For now, Coinbase will support two exchanges: LINK/ETH and LINK/USD. Except for New York State, Coinbase will make trading available in all the supported jurisdictions.
The Coinbase Effect Faded
After the news, other Coinbase altcoins saw an increase just eight hours after listing, noted The Block Crypto, adding that the Coinbase effect faded.
XRP’s retail listing didn’t experience a similar rise at the end of February, 2019 – it only rose 0.22%.
Chainlink increased just 8 hours after being listed on Coinbase Pro – 16.3%, and 12 hours later it surged to 23.5%. After LINK got listed on the Coinbase retail platform, the coin skyrocketed 34.1 percent, and 12 hours later it experienced a cumulative jump to 62.8%.
Chainlink’s price was so greatly impacted because it is a smaller coin and has lower volumes, but it has limited availability on other major exchanges.
For instance, before the altcoin was listed on Coinbase, Binance had the largest trading volume, recording a 24-hour LINK/BTC volumes of $328 million and LINK/USDT volumes of $193 million on June 29, reported Cryptoslate. Coinbase soon became the 3rd largest exchange in terms of volume – with $112 million.
Chainlink was ranked #15 by market cap on June 29, going up 58.44% in 24 hours. LINK’s market cap was $1.51B, having a 24 hour volume of $826.08 million.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.