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LINK Gains 13% in a Day Amid DTCC and Chainlink Joint Effort

Published 17/05/2024, 13:34
LINK Gains 13% in a Day Amid DTCC and Chainlink Joint Effort
LINK/BTC
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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.

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.

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