Chainlink’s token, Link, exceeds Bitcoin’s trading volume at Binance. This fact occurred during the last 36 hours and the cause of this can be attributed to the growing popularity of Decentralized Finance (DeFi) applications.
It should be noted that Binance Pro is the largest crypto currency exchange in the United States. It is this latter fact that makes information important because, as is known, Bitcoin is the most popular cryptomoney in the entire ecosystem.
Another important fact is that the overcoming of Bitcoin, by the Link token, occurs at a time when the cryptomoney reigns around $12,000 USD per unit. This means that the strength of the Chainlink token has become remarkable in the last few hours.
With 70% Link, it surpasses Bitcoin
During the first 24 hours of the above mentioned time frame, Link’s trading volume in Binance Pro was almost $160 million. Bitcoin’s was $96.48 million. That is, this difference represents 70% of the margin in which Link exceeds Bitcoin.
However, this difference pales in comparison with the amount of the overall 24-hour aggregate volume. In this case, Link’s is $3.13 billion. Bitcoin’s is $17.53 billion.
While it can be said that, in volume terms, Link’s numbers at Binance Pro have far exceeded Bitcoin, this is not a permanent trend. Bitcoin’s behavior, reliability and usability make it an almost impossible wall to overcome.
Another positive aspect for this Chainlink token is that its price went from a low amount to $13.67 per currency. With this, Link reaches a limit that for many projects is currently a dream.
What is Link?
As mentioned above, Link is the digital currency of the Chainlink firm. Currently, it has a market capitalization of $4,785,183,913.
Moreover, this market capitalization figure makes Link the sixth largest of all cryptom currencies. This according to CoinMarketCap.
Link’s growth over the last month has been 120%. In fact, the Forbes portal claims that while all eyes are on Bitcoin, the Chainlink token is growing more than any other digital currency in percentage terms.
Link is a token based on Ethereum’s Blockchain network and drives a decentralized platform of intelligent contracts to external data sources. As anticipated above, Link’s surge may be related to the growing interest in DeFi.
The fact that Link outperforms Bitcoin Trader in Binance transaction volume could be related to the increased popularity of DeFIs.
The increased popularity of the DeFi could be behind Link’s historical overtaking of Bitcoin at Binance.