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Bullish Momentum of Chain Link Cryptocurrency Rises in DLC Index

Chainlink (LINK) crypto hits an all-time high value of $42.08 on Wednesday. Its bullish momentum held an astounding 41.15% with the current volatility of 29.06%. And thanks to the constant rise in the last 2 weeks, the cryptocurrency surpasses its previous peak of 34.63$ from Feb 20, 2021.

LINK managed to trade at $40.02 at the press time to exceed the rate by 11.05%. In fact, the crypto shot a 25.76% increase in the seven-day trailing period. Chainlink crypto stands oversold (<=20) as per the stochastic oscillator. It’s a prominent indicator to determine overbought/oversold products.

Despite the minimal dominance, LINK keeps grossing on the current trade. The market capitalization of LINK grew by 10.81% to reach 16.75BN revenue. But it covers a mere 0.76% of the market dominance.

Glass code data reveals Uniswap Chainlink liquidity to achieve $54.98MM on Wednesday. Not to mention, crypto liquidity primarily refers to the ability to sell the available assets for cash.

And the capitalization keeps changing at a booming rate to increase the demand among investors.

Categorizing the crypto assets by size seems one viable method to understand the crypto value. Digital Large Cap Index (DCLX) covers the large-cap segment for crypto assets.

LINK appears to make the top list in DLCX for the quarter. The average quarterly market cap in the chart should reflect its gain.

“LINK’s quarterly market capitalization in quarterly basis” (Credit-Coindesk)

Additional criteria like US financial institutions to trade to create products largely influence the index. LINK’s value regarding its institutional exchange triggers a massive quarterly high.

As a result, the LINK cap surpassed the milestone of the $10BN mark in 2021’s Q1. It continues to emerge as one profitable market asset in returns. For Chain Link, the market cap experienced more than a 2X increase over the preceding year.

As it happens, LINK managed to deliver a massive 261.65% year-to-date return.

It’s indeed a great achievement for open-source technology, founded in 2017. The network enables access to real-world data to expand its smart contract capability. Its decentralized nodes transfer off-blockchain source data to on-blockchain contracts using oracles.

However, faster growth of decentralized finance regarding price reference data requires further steps. On Wednesday, Chainlink announced the launch of more ‘Tamper-Proof’ oracle networks.

Some investors start to anticipate a break or downfall in LINK to some extent. Of course, Q1 initiated a dramatic change to the positive side of its market cap. And DLCX predicts further shifting can occur in Q2.

Suez Halder

Suez Halder

Suez Halder is an experienced cryptocurrency & blockchain reporter and analyst who covers different aspects of online trading on 'Social Trading 101'. Taking direct part in crypto trading from 2017, he specializes in evaluating the cryptocurrency & blockchain viability.

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