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Reasons Behind Chainlink (LINK) Price Making New All Time High

Chainlink (LINK) price achieved new highs increasing over $20 touching 22 USD. The price of LINK has risen by close to 30% in the last 24 hours. Chainlink is in the top 10 of the most valuable cryptocurrencies.

Chainlink’s price today broke a record, rising from $16 to over $20. LINK’s market capitalization rose to $ 8.2 billion. Daily trading volume for Chainlink exceeded $ 3.7 billion. LINK’s price had hit a record high of over $19 in August 2020. LINK, which failed to sustain this performance in the second half of 2020, but picked up momentum again in the Dec 2020, making new all time high prices in Jan 2021. So, what developments triggered such fascinating price rise?

Paxos Collaboration

Paxos, the digital financial institution that acts as a bridge between physical and digital assets, has announced a partnership with Chainlink to make its asset-backed tokens more widely available in the DeFi space. Paxos-backed stable coin, PAX and Paxos tokenized Gold (PAXG) became part of the Chainlink oracle network through this partnership.

Support for Cryptex’s Cryptocurrency TCAP

Cryptex has announced the launch of TCAP, which is the world’s first total market cap token. TCAP, which is in the Testnet phase, announced that it is supported by Chainlink Oracle. TCAP is being launched as a token offering access to the entire cryptocurrency sector with a single solution. TCAP announced that it is happy to cooperate within the framework of Chainlink’s decentralized, independent and reliable services.

Huobi ECO-Chain Integration

According to the announcement earlier this month, Chainlink will be integrated into Huobi ECO-Chain (HECO) as an oracle solution. Integration will start at HECO and focus on providing Link price information to DeFi applications. In addition, various Chainlink oracle services will be developed under this partnership, including NFT creation and VRF (Verifiable Randomness Function) Service.

Originally published at https://thecryptobasic.com on January 16, 2021.

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Reasons Behind Chainlink (LINK) Price Making New All Time High was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

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