Chainlink (Link) has experienced a meteoric rise this year, becoming a top-five crypto asset by market capitalization. We took a look at the data from the decentralized finance space as well as Google to help explain this phenomenon.
In the past 24 hours, Chainlink has seen another massive rise of 30% (alongside other DeFi tokens like SNX and MKR), which seems tied to demand from yield farmers trying to get their hands on YAM tokens with the much hyped new protocol.
The battle for the number five spot in 2020 has been waged between Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), Cardano (ADA) and Link, the latter entering the year well behind the other competitors. However, Link kept on rising throughout the year, finally, climbing to the fifth spot as of the time of this writing.
Chainlink has been making partnership and integration announcements nonstop throughout the year, although adversity is no stranger to its path.
There was a dubious report penned by Zeus Capital that called Chainlink a scam and crypto's version of Wirecard. Zeus also claimed that it was building a short position in Link with a 99% profit target.
The success of the oracle project has also prompted additional competition. Earlier today, it was announced that a major crypto exchange OKEx is getting into the oracle game. Despite competition and critics, the token price continues to rise. Why?