Could this be Altseason? Chainlink (LINK) price hit an all-time high on July 8, 2020, as the altcoin rallied along with the rest of the cryptocurrency market.
The 12th largest digital currency on CoinMarketCap (CMC) topped at $5.76 on Binance exchange after surging by 7.53%, before later correcting lower to $5.58 but it still upheld its intraday bullish bias.
These gains came largely as a part of a market-wide rally led by the king cryptocurrency, BTC, while other top coins, including ETH and XRP, surged as well in what has now been confirmed as altcoin season.
Moreover, LINK managed to maximize its upside sentiment due to its recent collaboration with China.
Last weekend, the Zhejiang district in China rolled out an aspiring nationwide project dubbed the Blockchain Service Network (BSN), with authorities confirming that they would use LINK’s smart contracts and oracles to run the venture.
Looking ahead, LINK, which is trading at during press time $6.4002, may drop slightly towards $4.90 in the coming sessions. The move would signal bulls to buy more LINK at local lows, kick-starting another uptrend towards $5.76 or beyond.
Cardano (ADA) Surges 30% in 24 Hours
ADA is up over 30% in the past 24 hours, rising higher on an influx of buying volume across all major exchanges to topple Bitcoin Satoshi’s Vision (BSV) on CMC.
Data from CoinMarketCap now confirms that ADA is the sixth-largest crypto, with a market capitalization of about $3.92 billion — $500M higher than that of BSV.
According to CNN featured crypto analyst Luke Martin, ADA’s strong performance in the past 24 hours can be attributed to staking.
Martin appears to be referring to Cardano’s imminent Shelley upgrade which will reportedly boost the decentralization of the network through ADA staking.
Staking is not yet live on Cardano, but Investors are reportedly buying massively into ADA to participate in the lucrative venture, which produces passive income for participants.
In the coming hours, on-chain and exchange data suggest that ADA which is trading at $0.134, still has room to rally even though it has already gained 250% since the start of this year.
XRP Shows Signs of Life
Ripple (XRP), which has been one of the worst-performing major altcoins in the crypto market, is starting to show some signs of life as it bounces at crucial support near $0.190.
In today’s trading, XRP hasn’t been left out of the widespread rally amongst top altcoins, as it surges by 7.59% to trade at $0.1985 during press time.
Over the weekend, XRP managed to post an extremely bullish reaction to its multi-day lows of $0.17.
After reaching that level, buying-pressure sent it rallying to $0.190, where the fourth-ranked altcoin on CMC ran into some resistance.
