Chainlink (LINK) price has rallied strongly, earning the second spot as the best-performing cryptocurrency over the past 7 days.
LINK, the native cryptocurrency of the Chainlink decentralized oracle network, broke the $8 per token level on July 20According to CoinMarketCap data, the cryptocurrency hit a 3-month high after trading at around $8,4 per unit.
However, at the time of writing this article, LINK is showing an 8% correction in its price, which is trading on the market at $7,7 per token.
Source: CoinMarketCap
Despite experiencing a slight drop in price, LINK currently remains in second place among cryptocurrencies with the highest returns over the past 7 days, with a weekly gain of 18,4%.
Thanks to the surge it has experienced over the past week, LINK has been able to add over $660 million to its market cap, making it the 20th largest cryptocurrency by market cap. Meanwhile, LINK trading volume has dropped by over 40% and is hovering around $220 million per day.
Source: CoinMarketCap
What drives the price of LINK?
The price of LINK has been recovering substantially since the network developers announced a Strategic alliance with Tencent, one of the largest Chinese-based multinational technology companies, earlier this month. Chainlink developers had reported that this partnership would support the development of the blockchain and Web3 industry and accelerate the adoption of these technological innovations.
Chainlink also recently partnered with the firm PwC Germany to boost the use of blockchain in the business environment and announced the launch of its CCIP interoperability protocol to connect major blockchain networks and traditional financial systems. This new protocol has served as a catalyst for the price of LINK.
On the other hand, the ruling handed down by Judge Analisa Torres in the Ripple case with the Securities and Exchange Commission (SEC) has also favored many altcoins, including LINK. Let us remember that Judge Torres ruled that XRP is not a security. This ruling debunks the narrative that SEC Chairman Gary Gensler has pushed and maintained that all cryptocurrencies except Bitcoin are securities in the country, so it represents quite favorable news for the crypto industry.
Chainlink is also one of the most important projects in the cryptocurrency and blockchain technology industry, establishing itself as one of the leading decentralized oracle solutions, providing security, reliability, and precision when interacting and bringing real-world data to the blockchain.
Continue reading: CCIP, from Chainlink, an interoperability protocol to connect Web3 with the traditional financial system
