The month of September proposedly has been extremely promising so far for the crypto geeks and investors. The market tends to be only bullish overall till September 8. As both Bitcoin (BTC) and Ethereum (ETH) rallies towards their benchmarks of $50K and $4K. In spite of all this, various altcoin spikes are bullish following BTC and ETH profusely.
Among them, the Chainlink (LINK) proved to be extremely bullish, surging to about 36% in gains recently. Also, taking the past three months into consideration, LINK has so far surged to about 170% overall.
The Surge of LINK
The chainlink (LINK) is one of the most standard and promising cryptocurrencies in the market. Standing at an overall rank of 11 among the top cryptocurrency list with an overall market cap of more than $28 billion. Being a completely decentralized oracle based network system, it operates widely on the Ethereum (ETH) blockchain.
Apart from enabling smart contracts profusely tamper proof data transfers too allowing them to operate upon numerous blockchains, rather almost all blockchains.
In spite of all this, the recent performance of LINK has been quite promising over the past few days. Also on September 6, LINK spiked up to 8% in gains for a single day. Moreover, LINK came up all the way from touching rock bottom of $13.45 upon the overall market crash in the month of May 2021.
However, it has reached about $36.65 now which has been quite remarkable owing to a surge of about 170% for the past 3 months overall.
The Growth Factors
In spite of LINK’s recent growth, many crypto geeks came forward with many speculations and reasons owing to its growth. Among all the reasons, one of the main reasons is the latest news of the Ethereum (ETH) joining and linking itself with the Chainlink platform for providing decentralized oracle solutions for its Ethereum layer 2 services.
Integrating the Chainlink with Ethereum layer 2 services is extremely beneficial to both the firms in all aspects. Being a services provider for the 2nd largest cryptocurrency in the world has propelled LINK to about 36% after the reveal of the integration.
Moreover, the Chainlink serves as a vital platform for securing all data in terms of all DeFi sources, making Chainlink a vital part of the overall decentralized Finance (DeFi) ecosystem. This dependency on Chainlink proves to be an extremely important factor for the standard growth of LINK.
Furthermore, many speculate that Chainlink (LINK) will probably reach the $50 mark in the forthcoming weeks.