Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,546 trillion. Bitcoin is down by nearly 1% despite a historic surge this week. Ethereum is up by nearly 5% after setting a new ATH this week. XRP is down by more than 4% after a disappointing week. Almost all altcoins have registered significant gains this week. The DeFi sector surpassed the $100 billion…
Leading oracles blockchain protocol Chainlink experienced a major surge in its market capitalization in the past 24 hours. Its native token Link briefly surpassed Bitcoin Cash on the coin rankings before a slight retracement at the time of writing.
LINK price hits all-time high
Chainlink is in the midst of a bull run, with the price of LINK increasing by almost 50% in the past week. The last 24 hours have witnessed a continuation of this momentum, with the price increasing by 13%.
Starting the day trading at around $20, LINK quickly surged past the $21 mark within a few hours. Once it got above the $21 resistance point, the oracles token quickly passed $23. In the process, LINK created a new all-time high of $23.61, according to data from CoinMarketCap.
Chainlink has largely benefited from the DeFi sector’s growth since its oracles feed DeFi protocols with market data. As such, the increase in the users in various DeFi protocols generally benefits Chainlink.
Chainlink also has a major stronghold on the oracles protocol market, which provides further confidence in the project. Apart from Band Protocol, Chainlink does not have any major competitors. At the time of publication, LINK has corrected and is valued at $21.53. Several analysts have expressed their confidence that LINK is likely to hit the $25 mark before the end of the week.
DeFi TVL (Total Locked-in Value) Nears $25 billion
The DeFi sector experienced a major resurgence over the weekend, with more money staked on protocols than ever before. It should be recalled that just a week ago, the TVL dropped below $20 billion in response to the crypto market’s dip. Since then, there has been an exponential rise in the volume of crypto assets stored in DeFi products.
When writing the total value locked in, DeFi protocols are currently at an all-time high of $24.5 billion. Looking at the numbers, MakerDao dominates the market with a total of $4.17 billion locked in its protocol.
This is followed by Uniswap, which has overtaken Aave and Compound with a TVL of $3.9 billion. Aave and Compound have TVLs of $3.38 billion and $2.93 billion, respectively, while Curve Finance rounds up the top five. The DeFi sector continues to surpass expectations and is likely to move past the $25 billion marks in the coming days.