As Bitcoin continues to plummet dragging most major cryptoassets with it, two cryptos are leading the recovery. Tezos and Link have shot up today as $10bn returns to the cryptocurrency market cap.
Tezos and Link Show Remarkable Recovery
The end of the month is fast approaching with Bitcoin on track to erase all gains made in February. After a couple of major breakouts convincing traders that the bull market was back ahead of the halving, BTC has been sharply declining to fall as low as $8580 on Feb 27.
The story is quite different for Tezos (XTZ) and Link (LINK). These two cryptos are among those that have shown the most gains from the bullish start to 2020. XTZ skyrocketed by almost 220%, while LINK also soared over 185%.
However, both cryptocurrencies experienced severe drops over the past week. Just yesterday, XTZ had corrected 32% from its recent high of $3.96, while LINK was down 25% since hitting $4.87.
But today, they’re both bright green on a board of angry red. XTZ is up 9.94% at the time of writing while LINK is echoing its gains at just over 8.29%. Why?
Bullish Action Surrounding Tezos
Despite the savage correction this month, Tezos has been showing a lot of bullish momentum. One trader pointed out an uncanny resemblance to ETH in 2017.
— Dan Summers (@DanSumm13902367) February 25, 2020
Coinbase custody has also added more than 12 million XTZ in delegations over the last month. This led one Tezos supporter to point out that while retail traders were selling, bigger players were buying:
Coinbase custody has added over 12 million XTZ in delegations over the last 30 days. The big delegators keep getting bigger and bigger. While many retail customers were selling, these bigger players were buying and now Coinbase Custody are now over-delegated again. $XTZ #Tezos pic.twitter.com/Q7ZhJ9Rr4r
— The H4LF 50UL ꜩ (@The_H4LF_50UL) February 27, 2020
XTZ momentum today looks to also be in part due to the announcement yesterday that Tezos margin trading is now available on Kraken and Kraken Pro. This makes XTZ the ninth coin to be listed for margin trading as XTZ was previously only available for staking.
With Tezos day coming up on March 6 and its founder speaking at the upcoming Paris Blockchain Week Summit, be on the lookout for more announcements coming from the Tezos camp.
LINK Boosting DeFi Movement
With DeFi gaining in traction, Chainlink is becoming a serious contender. It provides price feeds for mainly blockchain apps in the DeFi area. On Monday, Polkadot announced that it will be the first non-Ethereum blockchain to integrate Chainlink and on Tuesday, Chainlink tweeted out this milestone as the “start of becoming blockchain agnostic.”
We've completed the initial integration of a Substrate-based blockchain w/ major technical contributions from @ParityTech! This is a major milestone towards Chainlink being the standard oracle on @polkadotnetwork & the start of becoming blockchain agnostic https://t.co/PnmWZ4FmAT
— Chainlink – Official Channel (@chainlink) February 25, 2020
Chainlink is set to become the first and primary oracle provider for all Substrate-based chains and eventually the entire Polkadot network.
The announcement said. It also noted that:
The integration of Chainlink’s decentralized oracle network on a dedicated parachain can unlock multiple use cases on Polkadot
With Chainlink announcing more partnerships almost daily, the latest with Nexus Mutual, it looks as if this crypto could be set to see further gains.
Do you think LINK and XTZ will continue to outperform the market today? Add your thoughts below!
Images via Shutterstock, Twitter @chainlink @THE_H4LF_5OUL @DanSumm13902367, charts by Tradingview