ChainLink and Band Protocol skyrocket to the moon

2020-8-11 15:25

BAND is up 47% in 24 hours as LINK’s super hot streak sees it take large share of Bitcoin’s volume on Coinbase

ChainLink has been the strongest performing altcoin in August so far, with the decentralized oracle project skyrocketing by over 70% in the past seven days to hit successive new highs.

LINK/USD has surged from around $9.00 on August 3 to hit a high of $14.79 on August 9. However, to appreciate ChainLink’s meteoric rise, one only has to go back to the beginning of July when the token was trading for around $4.69.

ChainLink could hit another high in the next few sessions. Source: Josh Rager on Twitter

However, ChainLink’s rise to 6th position among the largest cryptocurrencies by market cap is not the only hot streak in the market

Band Protocol surges 47% to hit a new high above $18

While LINK/USD has driven FOMO to new levels, Band Prototol’s rally of more than 47% in the past 24 hours has also captured the attention of much of the crypto market.

Trading at around $16.56 at the time of writing, BAND/USD is now more than 292% higher in the past seven days.

Although BAND/USD has been on a tear alongside other DeFi tokens, the majority of its upside has taken place following Coinbase’s announcement that it would add trading pairs for Band Protocol.

The price of Band Protocol is now posting a mouthwatering 780% return on investment over the past month, with its year-to-date ROI standing at a staggering 6,939% as of the time of writing.

For today’s trading so far, LINK is up by 9.4% and up by more than 64% over the past week.

Chart comparing Band Protocol and ChainLink price-performance YTD. Source: TradingView

At the time of writing, Band Protocol’s market cap of $333 million is only about 6% of ChainLink’s. However, analysts are forecasting that the gap in market value between these two decentralized oracle rivals will close in the coming months.

ChainLink’s market cap currently stands at $4.8 billion after a 488% spike YTD, a jump large enough that has taken ChainLink above Bitcoin SV into 6th place on CoinMarketCap’s ranking.

LINK/USD volume flips BTC and ETH

On Sunday, August 9, LINK/USD volume on Coinbase flipped that of both Bitcoin and Ethereum, the two largest cryptocurrencies by market cap.

Larry Cermak, The Block‘s Director of Research shared the chart below showing that ChainLink volume on the US-based crypto exchange was “1.4 times larger than Bitcoin’s [and] 2.4 times higher than Ethereum’s”.

LINK/USD vs. BTC/USD volume on Coinbase. Source: Larry Cermak on Twitter

The post ChainLink and Band Protocol skyrocket to the moon appeared first on Coin Journal.

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