The native token of decentralized oracle network Chainlink (LINK) has just claimed a top-five spot in terms of market value.
- According to data provider Messari, LINK has overtaken bitcoin cash (BCH) to become the fifth-largest crypto asset by market capitalization in what is affectionately known in the community as a "flippening."
- Market capitalization refers to the total number of coins or tokens in circulation multiplied by its spot price and is often used by the community to rank various assets.
- At press time LINK stands at $5.76 billion compared to BCH's $5.30 billion in total market value with a 24-hour volume clocking in at $1.05 billion versus BCH's $83.7 million.
- A flippening occurs when a top cryptocurrency project overtakes another to steal its spot in the upper ranks. This one was widely anticipated, as LINK is up 32% on a 24-hour basis.
- LINK has experienced an incredible rise year-to-date having climbed from $1.80 on Jan. 1 to $16.75 as of press time, according to Messari's data. The surge has been driven by the explosion in the popularity of decentralized finance (DeFi), in which Chainlink's price feeds have become a major player.