This Surprising Altcoin Dominates Crypto Trading Volume, Second Only to Bitcoin
The altcoin known as Chainlink, or LINK, was last year’s top-performing crypto asset, even beating out Bitcoin by a large margin. The cryptocurrency also beats nearly the rest of the market, sans only Bitcoin, in true reported cryptocurrency trading volume, according to new data.
Chainlink Reported Crypto Trading Volume Beats Ethereum, Ripple; Second to Only Bitcoin
Chainlink may not even be in the top ten cryptocurrencies by market cap at this point, trailing behind Tezos, but it’s crushing nearly every other cryptocurrency in overall trading volume across cryptocurrencies exchanges, according to Messari crypto market data.
The evelenth-ranked crypto asset is currently trending ahead of the likes of number two and three crypto assets Ethereum and Ripple.
LINK saw over $130 million in trading volume on April 13th, compared to just $118 million in Ethereum. LINK’s trading volume nearly doubles that of XRP at $77 million. Chainlink’s trading volume is also equal to that of Binance Coin, EOS, Tezos, Bitcoin Cash, and TRON combined.
$LINK is an absolute monster.
#2 in Real 10 volume today. pic.twitter.com/SLAZ2C81qq
— Ryan Selkis (@twobitidiot) April 14, 2020
The only cryptocurrency that Chainlink falls behind, is Bitcoin – the first-ever cryptocurrency.
Bitcoin enjoys first-mover advantage, giving it enormous market dominance. It’s also the most regulated of the cryptocurrency assets, giving it more acceptance and prominence amongst high wealth institutional traders and hedge funds.
Considering that Chainlink beats out other more widely accepted and utilized altcoins like Ethereum and XRP, it shows just how popular the asset has become with retail crypto investors and traders, who have become enamored by the asset regularly providing substantial returns.
LINK’s Incredible 2020 Performance May Be Coming To a Halt
During 2019, Chainlink rose by over 1,400% to close out the year as a top-performing altcoin. The asset started off the year strong, even setting a new all-time high even during peak coronavirus fear and panic.
The chaos eventually overwhelmed even LINK, which fell by over 70% to nearly $1. On some crypto exchanges, the asset flash crashed during the selloff to nearly zero, before making a sharp recovery.
Related Reading | Macro Factors Signal That Crypto Bottom Is Not Yet In
Now that some of the public panic has calmed, Chainlink has been showing a strong recovery, revisiting local highs but falling short of setting a new one.
The “absolute monster” of a cryptocurrency, however, may experience some significant downside in the near term. After setting a lower high, the asset has since triggered a TD 9 sell signal on daily timeframes across both the USD and BTC trading pairs.
The signal, created by market timing expert and “math god” Thomas Demark, has repeatedly proven extremely accurate in the crypto market, even calling Bitcoin’s recent top above $7,400. It also accurately called Bitcoin’s bottom at $3,200 and the top at $20,000.
Featured image from Pixabay