Chainlink (LINK) Massive Bull Run Rallies to Another New All-Time High, Up 700 percent in 2020

Chainlink (LINK) has surged by 52 percent in the past 24 hours, reaching its new all-time-high at $13.8799. 

Chainlink’s LINK price declined and showed a correction on Aug. 5, however, the current uptrend has proved to be strong. While LINK has attempted to reach $14, most other altcoins are in the green, meanwhile Bitcoin is hovering around the $11,700 level.

Decentralized oracle network Chainlink’s native cryptocurrency LINK has been one of the best performers in 2020. Chainlink’s price was about $1.73 at the start of 2020, and surged 700 percent in just eight months, with a 60 percent return on investment (ROI) in the past week.

Chainlink managed to climb up the market capitalization ladder, reaching the sixth place on CoinMarketCap. According to crypto analytics company Santiment, Chainlink has reached a record high in active addresses, over 15,600. 

Chainlink has been one of the major beneficiaries of the rise of decentralized finance (DeFi) in 2020, as it has been chosen to provide decentralized oracles services to a range of applications.

The crypto community on Twitter was previously worried about a possible dump, as Whale Alert tweeted that 1 million LINK tokens were transferred from an unknown wallet to Binance.

Former NBA player Kris Humphries pointed out that Chainlink had over 45 additional partnerships as of April 7, and said that Chainlink would be influential in transitioning the world to decentralized and blockchain-based systems.

China’s Blockchain Service Network also integrated Chainlink Oracles into its ecosystem. According to Yifan He, CEO of Red Date Technology and BSN co-founder, Chainlink was initially the top choice for BSN; however, the network was convinced by the strength of Chainlink’s community and team.

However, this time, Chainlink (LINK) price surge was potentially due to the squeeze of short contracts in the futures market. In the futures market, funding stayed below 0 percent, while LINK’s price rallied, which indicates that many traders were attempting to short the cryptocurrency. 

Cryptocurrency trader Benjamin Blunts commented on the recent Chainlink rally:

“I actually would be inclined to start looking for shorts soon, however, it seems my entire feed is doing the same. so I will wait for another push higher I think, not really interested in standing in front of the strongest, fastest horse right now.”