Chainlink (LINK) Unwinds Following Parabolic Rally; Still Best Performing Crypto of 2019
Chainlink (LINK), the decentralized oracle service for the next wave of smart contracts, booked heavy losses Tuesday, unwinding from a record rally that forced many crypto observers to take notice. LINK is currently mired in a weeklong slump, but is easily the best-performing cryptocurrency of 2019.
LINK Price Update
The value of the LINK token fell 6.6% on Tuesday to $3.15, according to CoinMarketCap. It was down 10.3% against bitcoin to trade at 0.00025489 BTC. LINK also fell sharply against Ethereum, losing 7.1%.
LINK is mired in a four-day slump, having lost more than 12% over that period. Since peaking at $4.54 on June 29, the cryptocurrency has fallen by just over 30%.
In U.S. dollar terms, Chainlink has a total market capitalization of $1.1 billion, where it ranks 17th among active blockchain projects. The decentralized oracle platform has a lifetime return on investment of 1,911% and is the top-performing cryptocurrency of 2019.
LINK trades were valued at just under $137 million on Tuesday, with Binance accounting for more than half of the total turnover. Coinbase Pro has emerged as a leading market for LINK mere weeks after the San Francisco-based exchange announced it would support the asset. Related: Chainlink (LINK) Still Surging on Coinbase Treatment as Price Shatters All-Time High.
LINK Survives Bitcoin Onslaught
The cryptocurrency market has more than tripled from its December low, but most of the gains have been concentrated in bitcoin and a few altcoins. And while altcoins have appreciated in dollar terms, most have declined massively against bitcoin. Case in point: bitcoin’s dominance rate surged to more than two-year highs on Tuesday, briefly eclipsing 64%.
Chainlink is a notable exception. The cryptocurrency is up more than 220% against bitcoin in 2019. Just before the latest Chainlink correction, the LTC/BTC exchange rate was up more than 370%.
Chainlink represents a new wave of altcoins that is shaking up the crypto industry. It, along with Cosmos (COSMOS) and iFinex’s Unus Sed Leo (LEO), have burst onto the scene in recent months to eclipse many of long-serving projects. Read more here.
In addition to a high-profile Coinbase Pro listing, Chainlink has benefited from the hype surrounding oracle services. Decentralized oracles provide a way for smart contracts to interact with real-world data feeds, which enables the execution of increasingly complex applications. The company has already secured partnerships with SWIFT, Google and computer science researchers over at IC3.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via CoinMarketCap.