Chainlink’s market capitalization surpassed that of Bitcoin Cash, making it the 8th largest cryptocurrency. However, at press time, Chainlink is ranked the 9th largest crypto asset with a market value of about 8.7 billion, according to data by CoinMarketCap.
According to a Cointelegraph report, Chainlink took over Bitcoin Cash’s position as the 8th largest cryptocurrency on the 18th of January, as the DeFi market exceeded $24 billion in total value locked. The report says that the DeFi market has been on a consistent rise over the past few months. Specifically mentioned are the AAVE and SUSHI rallies.
The report added that Chainlink advanced 13% in the last 24 hours, and the increase may be tied to the growth in the DeFi space. However, CoinMarketCap currently shows that Chainlink has gained 4.56% over the past 24 hours.
Additionally, Cointelegraph said that LINK is technically in “price discovery” and is poised to new highs.
The report further said that Santiment’s on-chain analysts discovered that dormant digital assets are continually moving and pushing various cryptocurrencies. In a recent tweet, the analysts said:
“Dorman tokens continue to be moved at rapid rates during the crypto bull run, and dips in our ‘Mean Dollar Invested Age’ metric indicate the increased rate of BTC, ETH, LINK, LTC, and particularly REN (which triggered its massive +60% week).”
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