Price fluctuations are now a daily occurrence in crypto markets. Since the fight against inflation began, the entire financial market has weakened. Currently, asset prices fluctuate without warning, and the ongoing crypto winter has increased volatility.
The latest event expected to fuel the market recovery has ended. Ethereum is now operating as a proof-of-stake scheme. But after the successful launch, the price of the crypto asset fell and the loss was poured in the next 24 hours.
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Currently, almost all asset price movements are in the red. The leading crypto Bitcoin lost 2.95% in 24 hours. At the center of attention during this period, Ethereum lost 1.70% in 24 hours and 15.73% in 7 days.
But all hope is not lost. Some cryptocurrencies are rallying at an amazing rate, and the top leader in this category is Chainlink LINK.
Chainlink Link earned 9.03% of the market return
Chainlink LINK is currently one of the top cryptocurrencies to earn every hour on September 16. As of this writing, the LINK price stands at $7.71, representing an increase of 8.19% in 24 hours. The price action on September 16 is very encouraging. LINK recorded some bears in the 24 hours of trading, but did not record the red lines. The coin saw an intraday high of $7.759 and an intraday low of $7.4948. The next low of the day fell to $7.60 before regaining momentum.
If the price continues to rise, LINK could rise significantly before the market closes. This gain is a welcome development for crypto as the 7-day price growth is set at 2.23%.
What is likely to be the Chainlink post-merger push?
Chainlink has proved useful in the crypto space. The network has avoided the struggle with oracles in modern contracts. It created a decentralized set of oracles to provide real-time, accurate data for on-chain transactions. Smart contracts using Chainlink oracles can work with trusted data.
A few months ago, analyst Austin Arnold, a crypto analyst, talked about some key issues that could push the value of a crypto project. He intended to help his 1.24 million. YouTube Subscribers choose the right crypto to invest in during a raging bearish trend.
The analysts selected four popular projects, of which Chainlink LINK is the first. According to Arnold, five factors will drive LINK’s future growth after the crypto winter.
The first is the right team with the right skills in managing the network. Other factors include adequate funding, strategic partnerships, solutions to real-life problems in blockchain, and network positioning in verticals.
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Arnold pointed out that the Chainlink network has these five characteristics. He saw how the Oracle Network improved BNB Chain BNB and Polygon MATIC, which showed developer adoption.
Even during the bloodbath of crypto winter in the market, Chainlink LINK has maintained its price range between $6+ and $8+. It rose to $9.28 on June 10 but later fell to $8.05. The lowest price LINK recorded between May and September 16 was $5.97 on July 13 before returning to $6.18 the next day.
Featured image from Pixabay and chart from TradingView.com