ChainLink Extends Weekly Gains with 19% Spike Overnight

ChainLink is up 19% this morning after overnight gains which saw the token jump from a valuation of $0.26 up to a daily peak of $0.31. The price has since fallen back down to the $0.305 range, leaving LINK with 17% net gains for the day.

Extending Weekly Gains

August 8th was the turning point for ChainLink – it initially followed Bitcoin’s trend during the rebound on Wednesday, but whereas BTC’s rebound trailed off, ChainLink’s continued to surge. Over the last 48 hours ChainLink has grown close to 40% in value over – jumping from $0.22 to the current weekly high.

Volumes have jumped 500% in the same time period, with the majority of trades coming from Binance over the last 24 hours. The LINK/BTC pair has been responsible for 66% of the action, with LINK/ETH coming in second with 15%. In what’s a rare site these days, BTC and ETH trades completely dominate LINK trades today, with close to 99% of the daily volume coming from those pairs across various exchanges.

The surge leaves ChainLink as one of the few tokens to be in the green for the month, standing at 42% gains over thirty days, joined only by MOAC, Stellar, Ox, Zcash, Dogecoin, and just barely Bitcoin.

All Quiet on the ChainLink Front

SmartContract.Com, the firm behind ChainLink, have a four year old Twitter page that has averaged just over 6 posts a year since its inception. CEO of SmartContract.Com, Sergey Nazarov is slightly more active, having posted to Twitter four times this year so far.

July 24th marked the rollout of a revamped website, and the occasion of a rare tweet from the team when they announced the site going live:

“The new site is live, thank you for our great communities amazing support. We’re always working on more security features using a defense in depth approach, while making a truly decentralized oracle network, which will enable more complex smart contracts.”

The team seem content to work behind the scenes, but notable connections were made all through 2017 for ChainLink as the firm announced partnerships with various blockchain firms – most of whom sought to employ the services of the team’s oracle feature.

The oracle’s functionality was demonstrated in October 2017 at SWIFT’s Sibos conference, where ChainLink’s oracle was employed to draw interest rate data from five different banks (Barclays, Fidelity, Santander, BNP Paribas and Societe Generale).

The data was then fed through a smart contract and translated into an executable SWIFT payment order, making ChainLink one of the few blockchain technologies to have interacted successfully with the banking industry.

Featured image courtesy of Shutterstock.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.