The entire crypto market remains in the red, with Bitcoin (BTC) dipping under $8,000. Yet ChainLink (LINK) is at the peak of another rally, still looking bullish.
LINK Defies Market Crash, Boosted by Binance Derivatives
LINK remains one of the assets to defy the market gravity this March, as prices went vertical both in dollar and BTC terms. LINK remains well above $4, breaking its all-time records with peak prices at $4.68.
LINK also keeps adding Satoshis, reaching above 0.0005 BTC, with enthusiastic expectations of a bigger rally. This is not the first time LINK has defied the market, with rallies that were once deemed short-term pumps, or were even due to trading anomalies based on amateur order mistakes.
But LINK has gone through multiple rounds of appreciation, with the last leg upward raising renewed enthusiasm. LINK is viewed as possibly discovering a new price range.
The response of $LINK in this massive market wide dump has made me even more bullish than ever. It really is happening isn’t it frens? #link #chainlink
— £ord $hillink 🔺 (@shillink) March 9, 2020
LINK also showed its mettle in resisting the biggest market dump for the year, where BTC wiped out close to 10% of its price overnight. LINK is just outside the top 10 of crypto coins, but defied the massive slide of top 10 market capitalization. During the late Sunday sell-off, the top 10 of coins erased more than $16 billion in value, matching the market cap of the United Airlines company, noted Timothy Peterson.
$16 billion in Top 10 #crypto market cap lost in the past 24 hours. That's the size of United Air Lines ($UAL) #bitcoin pic.twitter.com/btHTuz9jYF
— Timothy Peterson, CFA CAIA (@nsquaredcrypto) March 8, 2020
Based on volume reports, LINK is still relying on Binance for the bulk of its adjusted volumes. Binance spot trading has liquidity above $475,000 per day. But based on total volumes, the Binance derivatives market is what drives the LINK market price to even more rapid appreciation. Adding futures markets means LINK can respond much more rapidly to sentiment, especially after becoming one of the few crypto assets to offer a hedge against BTC price risk.
LINK Among Biggest Crypto Gainers, Growing 10 Times since 2017
LINK is not immune to correction, as the price retreated a bit to $4.26. The asset also showed signs of following the deepening slide. But until now, LINK is also among the most successful crypto tokens. As a latecomer, LINK even defied most of the 2018 bear market, and went on to gain 968% net in the past couple of years.
#LINK is up 968% since the BTC peak on Dec 18, 2017 while $BTC is down over 54%. In addition, no other crypto has had a positive return since then. That is some really serious relative strength. LINK is a paradigm shift. pic.twitter.com/4UrlTdkpmE
— 🔱 Dan C 🔱 (@compwiz4u) March 3, 2020
The ChainLink project is also instrumental to the crypto space, by providing reliable oracle data for multiple DeFi projects, boosting automation in trades and smart contract deployment.
What do you think about the latest LINK rally? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter @Chainlinkgod @nsquaredcrypto @shillink