Link Price Surges 32% to Overtake Bitcoin Cash as 5th-Largest Crypto by Market Cap

The native token of decentralized oracle network Chainlink (LINK) has just claimed a top-five spot in terms of market value.

AccessTimeIconAug 13, 2020 at 2:32 a.m. UTC
Updated Sep 14, 2021 at 9:43 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.