The crypto space is again back in the news after having had a turbulent period in the second half of 2019 and one of the crypto tokens that has come to attention recently is Chainlink (LINK).
Some market analysts now believe that this little-known cryptocurrency is actually doing much better than Bitcoin, the biggest cryptocurrency in the world by market cap. At the start of the year, Bitcoin had been in the doldrums but the turmoil in the Middle East due to the assassination of an Iranian general by the United States has turned the tide.
BTC slipped below $6,000 at one point but ever since the strike on January 3, Bitcoin has managed to go on a bull run that has sustained over the past days. That being said, the bull run has slowed down a bit over the past few days. Chainlink is currently the 18th biggest cryptocurrency in the world by market capitalization and the token has made significant gains in 2020 so far. Since the beginning of the year, it has gained as much as 25% and since the start of 2019, it has managed to generate gains to the tune of 1,800%.
That is the sort of performance that should make crypto traders sit up and take notice. There can be no doubt that the gains made by the token are not temporary but a case of sustained gains over a longer period of time. Moreover, it represents greater gains than Bitcoin and Chainlink could come into focus among market participants sooner rather than later.
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According to experts, the recent rally in Chainlink is apparently linked to the enthusiasm towards cryptocurrencies in China. As everyone knows, China is potentially one of the biggest crypto markets in the world and the possibilities have created a lot of enthusiasm in the crypto space.
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