Chainlink (LINK) has set a new price record at $25.50, surpassing Litecoin in terms of market cap to become the seventh-largest crypto asset.
LINK has been one of the best performing digital assets of 2021, outperforming many of its competitors. The altcoin has now entered price discovery buoyed by news that Grayscale, the largest crypto asset management firm, plans to add a LINK Trust product to its list.
As of this article’s writing, LINKUSD is up over 12% at its price of $24.560. Investors will now have to wait and see if the popular altcoin has hit a local top or whether the next impulse wave can push LINK to even loftier heights.
LINKUSD Chart By TradingView
In the past week alone, the LINK price has gained close to 20% as per data from CoinMarketCap. Bitcoin’s parabolic rally has largely spearheaded this renewed bullish momentum since the start of the year. The world’s leading crypto has since lost momentum, increasing the likelihood of altcoins to gain strength.
Chainlink will now need the BTC price to remain steady for its next big surge to occur in the coming days.
Aave Hits New All-time High
Aave (AAVE) has risen substantially in the recent past, boosted by earlier news that Coinbase Pro would list the DeFi token on its trading platform. The leading exchange announced that it would soon list AAVE along with two other DeFi tokens (Bancor and Synthetix). The bullish development prompted one analyst to predict that AAVE would soon experience a breakout and hit new highs.
The already hot token surpassed its previous price record a few hours ago to set a new all-time high at $243.38. The AAVE price is currently up over 30% in the weekly chart, making it one of the past week’s best-performing cryptocurrencies.
The Aave token has an even more limited supply than BTC, but potentially more utility since it is central to DeFi borrowing and lending. Aave was the only crypto asset to beat industry superstar Chainlink in 2020, clocking up an ROI of 7000% despite the DeFi space experiencing a bear market.
DeFi-Related Tokens Are on the Rise
Besides LINK and AAVE, other popular DeFi tokens have continued to accumulate gains as BTC struggles to find support in the lower-$30K zone.
Some altcoins worth mentioning include Curve DAO Token (CRV) and Unisawp (UNI), both of which have registered double-digit gains in the past week..
The growth in DeFi-related tokens has come on the back of increasing DEX volumes, which have risen since last summer to surpass $23.89 billion in total value locked.
Monthly DEX Volumes by Project | Source Dune Analytics