Chainlink surpasses Bitcoin in trading volume on Binance
Last Updated on 11 August 2020 by CryptoTips.eu
Chainlink’s signature token, LINK, exceeded Bitcoin in trading volume on the crypto exchange Binance. This event occurred within the last 36 hours and the cause of this can be attributed to the growing popularity of Decentralized Finance (DeFi) applications.
It should be noted that Binance.US is the largest cryptocurrency exchange in the United States. This last fact is what makes information important because, it is well known that, Bitcoin is the most popular cryptocurrency in the entire ecosystem.
Another important fact is that the surpassing of Bitcoin by the LINK token, occurs at a time when the cryptocurrency hovers around $12,000 per BTC. This means that the strength of the Chainlink token has become notable in the last few hours.
LINK beats Bitcoin by 70% within this period
During the first 24 hours of the given time frame, LINK’s trading volume on Binance.US was almost $160 million, while Bitcoin’s was $96.48 million. The difference in which Link exceeds Bitcoin represented around 70% in margin.
However, this difference pales when compared to the amount of aggregate 24-hour global volume. In this case, LINK’s is $3.13 billion. While that of Bitcoin is $17.53 billion.
Although it can be said that, in volume, LINK’s figures on Binance.US have surpassed Bitcoin, this is not a permanent trend. The behavior, trust and usability of Bitcoin makes it an almost impossible wall to overcome.
Another positive aspect for this Chainlink token is that its price went from a low amount, to $13.67 per coin. With this, LINK reaches a limit that for many crypto projects is currently a dream.
What is LINK?
As stated above, LINK is the digital currency of the Chainlink firm. It is a token based on the Ethereum blockchain and powers a decentralized platform of smart contracts to external data sources.
Currently, the token has a market capitalization of $4,785,183,913. Link recent rise has seen the coin occupy 6th place of all cryptocurrencies according to CoinMarketCap.
Link’s growth over the last month has been 120%. In fact while all eyes are on Bitcoin, Chainlink’s token has grown in a larger percentage than any other digital currency.
