Altcoins

This Altcoin is the Best Performer of the Week, Will it Outperform Bitcoin Price Rally?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 10, 2022

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A popular altcoin, specifically a DeFi token, Chainlink (LiNK), has regained a bullish momentum and spiked more than 30%. LINK has registered a nearly 8% jump in the past 24 hours smashing $9.15, the highest in a month. The rally set off with a gigantic upswing after numerous updates were announced including staking. Moreover, Avalanche blockchain also deployed multiple services related to Chainlink on its network. 

Chainlink is one of the largest oracle service providers for decentralized networks that are used to integrate price feeds into smart contracts. The recent rally was fueled by the move ignited by Avalanche, deploying 2 main features of Chainlink-  Keepers and Variable Random Functions (VRF). 

These Chainlink features on Avalanche aim to offer the developers better uptime and enhanced security over the smart contract. Therefore, Chainlink’s integration across multiple blockchains could increase the user fees which is collected in terms of LINK. This, in turn, could provide a larger boost for the asset that may begin with a significant rally very soon. 

In a recent update, Chainlink is all set to launch the staking feature by launching Chainlink 2.0. The platform is expected to offer incentives for the staked LINK tokens to the traders. With enhanced security, the platform may also include multiple community participation. 

On the other hand, long-term holders will remain in the spotlight as they may be eligible for huge rewards.

The blockchain also aims to reward the LINK holders by deploying emission and user service fees. The announcement spiked the LINK price massively which uplifted the asset close to $10, registering itself as the best performing asset of the week. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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