Coin Edition -
- LINK surges 13.47% in a day, and the total yearly gain exceeds 130%.
- DTCC and Chainlink pilot boosts LINK tokenization efforts.
- Indicators hint at robust bullish sentiment in the short term.
The price of Chainlink (LINK), a blockchain oracle token, has surged in recent weeks, driven by positive market sentiment and a successful pilot program with the Depository Trust and Clearing Corporation (DTCC).
Spearheaded by Bitcoin and closely followed by an array of altcoins; including the whimsically named memecoins, the digital currency terrain has experienced a robust elevation.
Over the past year, the LINK token has witnessed a massive spike exceeding 130%, showcasing a marked escalation in both investor confidence and its overall market valuation. Consequently, recent dynamics in trading have been particularly robust for LINK, as evidenced by an 18.09% increment over the preceding 30 days and an 11.13% amplification just this week.
LINK/USD 24-Hour Chart (Source: CoinStats)
As of press time, the LINK token is trading for $15.82, a 13.47% increase over the previous day’s data. This jump in value has also resulted in a 12.91% increase in Chainlink’s market capitalization. As a result, the LINK token is presently the 15th biggest cryptocurrency by market capitalization, with a valuation of over $9.26 billion.
In addition, LINK’s trade volume has surged, increasing by 177.77% in the previous 24 hours to approximately $962 million. The considerable increase in trading volume reflects investors’ rising interest and trust in Chainlink’s prospects.
LINK’s Rise Tied to DTCC, Chainlink Joint Effort
The positive market response to the LINK token can be linked to a recent joint initiative between the Depository Trust and Clearing Corporation (DTCC) and Chainlink, a blockchain oracle. Together, they have completed a pilot program with numerous prominent U.S. banks aimed at boosting the tokenization of traditional financial funds.
We’re excited to share the results of a new Smart NAV industry pilot between @The_DTCC, Chainlink, and 10 of the world’s largest financial institutions that delivered key mutual fund data onchain.Full report: https://t.co/ob3K0s4g86The significance for fund tokenization