ChainLink’s LINK Token is Dominating Other Altcoins During the Crypto Bear Market
Most people have started gaining interest in ChainLink`s (LINK) dominance in the market with partnership booming around it. LINK is one of the best Oracle service providers that aims at providing a secure connectivity between smart contracts and real-world business data. The mushrooming partnerships that revolve around ChainLink, have made it a pivotal part of the Oracle ecosystem. Actually, one of the blockchain enthusiasts twitted about the growing LINK trend referring to Link as the industry`s standard oracle provider.
Notice how @chainlink is being partnered with by mainly baseline protocol infrastructure providers at the bottom of the stack. Applications built on top will automatically leverage it.
Chainlink is rapidly becoming the industry standard oracle provider.$LINK
— Dave Jones (@Dave_Jonez_02) November 12, 2018
It is undeniable that LINK has maintained consistency in the market even at a time when other altcoins are either stagnating or falling in prices. In fact, some of the coins are affected to the point of 90% loss in value. However, even with the shaking economic crisis, LINK continues to move against this trend. It has shown a consistent rise in prices from a 2,900 Satoshi in July to 9,500 Satoshi today.
Subsequently, some people believe that the trend is closely linked to the stagnation of the Bitcoin (BTC). The argument in support of this fact is that the stagnation of the BTC has led traders to seek refuge in other more solid altcoins. LINK is said to thrive entirely on the Binance trading against Ethereum and Bitcoin which suggests that a clear mechanism of setting prices does not exist. Consequently, this progress may be sabotaged if the BTC starts moving again since the altcoin owners may shed their holdings.
Chainlink`s Winning Strategy
ChainLink has been considered to be blockchain agnostic, which explains why it continues to thrive while other altcoins are devaluing. Additionally, LINK`s upward trend is being observed when Ethereum-based projects are doubtful. In that, Ethereum is facing a delay in its scale-up and experiencing low usage of its dapps. However, despite being an ERC20 token, ChainLink doesn`t need Ethereum to survive. In the event Ethereum was to fail today, the tokens would be distributed again on the blockchain. The LINK network has the ability to interact with any blockchain as well as query different oracles about smart contracts.
LINK is gaining audience from different corners of the Crypto world. A feature from CNBC about ChainLink`s intention of combining projects to access more data has boosted its profile. Also, ChainLink has been ranked among the top 10 in market capitalization. The list features other projects with real-life applications as well as with advanced product developments. All in all, ChainLink has a cutting edge against other competitors in the market and traders have already taken note.