Since the struggle against inflation began, the broader financial markets have tanked. Asset values now swing without notice, and the ongoing crypto winter has further heightened the volatility.
The recent event that was expected to boost market recovery has been completed. Ethereum is now using the anticipated proof-of-stake mechanism. However, following the successful launch crypto assets’ values dropped and losses continued for the next 24 hours.
Almost all assets are currently trading in the red. Bitcoin, the top cryptocurrency, has dropped 1.25% in the last 24 hours. Ethereum, the focus of attention at this period, has also lost 2.80% in 24 hours and 12.9% in 7 days.
However, not all hope is lost. Some cryptocurrencies are performing admirably, and Chainlink LINK is the clear leader in this category.
Chainlink LINK Gains 9.03% Amid Market Pullback
On September 16, Chainlink LINK is one of the cryptocurrencies that is increasing each hour. As of this writing, the LINK price is trading at $7.98, reflecting a 7.19% rise in 24 hours. On September 16, the price movement was quite positive.
LINK recorded several drops in its 24 hours trading, but not the red lines. The currency reached an intraday high of $8.069 and a low of $7.4948. The price dropped to $7.60 later in the day before regaining its upward trend.
If the price continues to increase, LINK might rise significantly before the market closes. This increase is a welcome development for the cryptocurrency, which has gained 2.23% in the last seven days.
What Could Be Pushing Chainlink Post-Merge
Chainlink has proven to be effective in the cryptocurrency space. In smart contracts, the network has eliminated the need to deal with oracles. It established a decentralized pool of oracles to enable on-chain transactions with real-time, reliable information. Smart contracts utilizing Chainlink oracles can operate with reliable information.
According to several market analysts, the key factor driving Chainlink's price is the right team with adequate network control abilities. Other factors include enough funding, strategic alliances, blockchain solutions for real-world challenges, and network positioning in verticals.
Even during the crypto winter bloodbath, Chainlink LINK maintained a price range of $6+ to $8+. On June 10, it reached a high of $9.28 before falling to $8.05. Between May and September 16, the lowest price LINK reported was $5.97 on July 13, before bouncing back to $6.18 the next day.
Read also: ETH Hit Local Bottom, Here’s Why
