Bitcoin is struggling to hold on to its post-coronavirus crash gains but some smaller cryptocurrencies are soaring.
The bitcoin price has treaded water over the last 24-hour trading period—though top 20 cryptocurrency chainlink as added some 3% over that time, according to the latest prices from major U.S.-based bitcoin and crypto exchange Coinbase.
Chainlink, an ethereum-powered cryptocurrency that trades under the name link, has added almost 50% to its price over the last week, soaring as global stock markets weigh a prolonged coronavirus-induced shutdown.
Chainlink, an ethereum token that powers a decentralized network designed to connect so-called smart contracts to external data sources, has rocketed by an eye-watering 500% over the last year.
The chainlink price reached its all-time high in late June of 2019, hitting $4.55 and up over 1800% from the start of 2019.
The chainlink price, now hovering around $3.30, is up some 150% since the mid-March historic coronavirus crisis crash.
The massive chainlink rally, which puts bitcoin’s paltry 35% year-on-year gain into sharp perspective, has been led by by interest in the network from China but has been boosted recently by a partnership from crypto lending platform Celsius Network.
Meanwhile, the chainlink network is growing fast, with spikes of over 2,000 new addresses in a single day, according to the IntoTheBlock crypto analytics platform.
“Chainlink has positioned itself as one of the top 15 cryptocurrency projects in the world with a current market cap of approximately $1.11 billion and reported trading volumes of around $720 million over 24 hours,” wrote IntoTheBlock’s Nicolas Contasti in a Medium post.
“Performance wise, [chainlink] was having an amazing early 2020 run just until COVID-19 hit world markets, reaching an all-time-high of around $4.95 on March 4, which would have meant a year-to-date performance of 178%.”
Chainlink’s recent gains have also been attributed to the world’s largest bitcoin and cryptocurrency exchange by volume, Binance, working with chainlink developers on so-called decentralized finance products, and search giant Google using chainlink’s blockchain to bridge legacy databases.