Yet Another Cryptocurrency Makes a New All-Time High
Earlier this week, Tezos (XTZ) price made a new all-time high, having surged as much as 680% in the past year. A Proof of stake (POS) blockchain that allows holders to bake and earn interest on that holding.
The best part about this $XTZ bull run is the compound interest on an appreciating asset via staking. It's like having a nice salary with constant raises as passive income.
— ฿TF%$D! (@CryptoHustle) February 14, 2020
But now in the current alt season, yet another crypto asset made a new high.
The 12th largest cryptocurrency by market cap of $1.6 billion is Chainlink (LINK). This crypto asset is up a whopping 150% in 2020 so far.
Link has been constantly making new highs with the latest one at $4.83 today, before the market dropped. In the past year, this asset has jumped an eye-popping 994%.
$LINK breaking out to a new high, expect a few others to follow here
— moon (@MoonOverlord) February 14, 2020
Becoming a Bridge
Launched in Sept. 2017, Chainlink is a decentralized oracle network working to be the middleware that links smart contracts with real world data. This project aims to act as a money transfer bridge between different cryptocurrency networks and traditional banking systems.
This year, Cameron and Tyler Winklevoss led crypto exchange and custodian announced support for LINK along with five other coins.
Recently, the project also announced access to information about the DeFi sector and smart contracts secured by the oracle networks. In addition, Swipe’s crypto payment platform started using Chainlink’s oracle for secure price conversions on point of sale transactions.
To New Highs!
During the last bull run, LINK found its top at $1.31. During the bear market of 2018, towards the end of June, it went down to $0.16 and though it managed to rise to $0.51 level by the end of the year, it soon found the bottom at $0.20 in mid-December like Bitcoin and most of the crypto market.
The bull rally took effect in 2019 when it made a new all-time high at $3.92 in June. Though in the subsequent months it again lost 60% of its value, the cryptocurrency is back into beast mode.
Link started 2020 on a bullish note and continued to rise until it made a new ATH. Currently, we have taken a slide of 5% from $4.83 peak but still it is one of the few crypto that is in green amidst the seas of red.
Earlier this week, the LINK price chart has an “absolutely amazing S/R flip,” which means “we're in price discovery.”
And now we have seen a slight pullback but “It would be massive if this is the dip on LINK and we'll just continue moving upwards. From the alts probably one of the strongest bounces,” said trader Crypto Michael.
For now, the losses have been incurred on the weekend that can be seen as a buy the dip opportunity, But, it would be interesting to see, now that LINK is making new highs, during this bull cycle where Bitcoin is yet to break into a full blown one, how high the crypto asset would go.