The new week has just kicked off, and the altcoin market of the crypto industry is strongly advancing. Among the most notable gainers at the moment is Chainlink (LINK/USD), which just hit a major milestone. The project — which brought its network of oracles to the crypto industry, enabling it to deliver real-world data to the blockchain — just saw its market cap hit $15 billion for the first time since the mid-May crash.
The market cap reached this milestone after LINK suddenly jumped by over 12% in the last 24 hours, becoming the 12th-largest cryptocurrency by market cap. The coin is now officially bigger and more valuable than the likes of Bitcoin Cash, Litecoin, Filecoin, Terra, and even Polygon, formerly Matic Network, which has been quite a popular project over the last few months.
LINK is attracting attention and cash flow alike
Statistics show that LINK’s market value went up by 119% in the last six weeks, and on top of that, the coin just surged by 12% in the last 24 hours, as mentioned. Another thing that saw a rapid improvement over time is the rate of notable GitHub submissions, provided by Chainlink’s developers.
As for the price of LINK itself, it has come a long way since January. The coin entered 2021 with a price of around $11. By mid-May, it has reached an all-time high at $52, only to drop back down to $13.5 by July 20th. Now, however, it is once again climbing up, currently sitting at $34.16, and still advancing.
In the first five months of this year, its growth was caused by high amounts of popularity among institutional and retail investors alike. Retail investors are, of course, interacting with it on exchanges and trading platforms, while institutional investors managed to gain exposure to link via Grayscale’s Chainlink Trust.
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