LINK has set a new all-time high after racing past the $25 level during the weekend
Bitcoin was making all the headlines over the past few months. However, the leading cryptocurrency has somewhat stagnated over the past few weeks, and altcoins are starting to rally.
One of the altcoins to perform exceptionally well in recent weeks is LINK, the native cryptocurrency of the Chainlink network. Chainlink is a decentralised oracle provider that is gaining massive usage within the crypto and blockchain space.
LINK reached a new all-time high of $25.51 on Saturday, following a massive surge in price for several hours. The cryptocurrency’s performance saw it overtake Litecoin (LTC) to become the seventh-largest cryptocurrency in terms of market cap. LINK’s market cap is now above $10 billion, while Litecoin has a $9.6 billion market cap.
On Sunday, LINK’s price dropped below the $25 region, but it has since recovered after rising by 3.6% over the past 24 hours to trade at $25.17 currently. Over the past week, LINK is up by over 14%, making it the second-best performing crypto amongst the top ten after Ethereum.
A year ago, the cryptocurrency was trading between $2 and $3.
Other altcoins rally
LINK isn’t the only altcoin to rally over the past few days. Ether (ETH), the native currency of the Ethereum network, reached a new all-time high of $1,450. This came just a few days after it surpassed its 2018 high and reached $1,440 for the first time in its history.
Over the past week, Polkadot (DOT) has rallied by more than 7% to cement its place as the fourth-largest cryptocurrency by market cap, moving comfortably ahead of XRP. XRP continues to struggle as its SEC lawsuit is yet to be resolved.
Bitcoin has recovered after dropping below $29,000 last week. Bitcoin experienced intense selling pressure last week as some investors took the gains that have accumulated on the back of heavy institutional purchase.
Following the massive selling pressure, Bitcoin dipped by over 20% last week. However, BTC has since recovered and is now trading above $33,000 as the bulls strive to push it past the $35,000 mark.