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Blockchain News

Chainlink and Altcoins Show Promising Gains Amidst Bitcoin’s Stagnation

Chainlink ($LINK) and other altcoins exhibit promising upward trends, especially as Bitcoin ($BTC) maintains its price range between $26,000 and $27,000. Significantly, the spotlight shines on Chainlink due to intriguing on-chain data. According to the renowned on-chain analytics firm, Santiment, Chainlink is experiencing a notable surge. This uptrend is underscored by a considerable increase in unique address interactions, which recently hit a two-month peak near 4,000.

Besides Chainlink’s price momentum, the broader market is undervaluing its trajectory. When penning this, Chainlink’s native token stands at $7.3, marking an impressive 9% hike in the past week alone. Moreover, its 30-day growth stands at a robust 23.5%.

Additionally, Chainlink has made strides in its technological offerings. Last month, they introduced the Cross-Chain Interoperability Protocol (CCIP) for early access users. This protocol aims to enhance cross-chain services and applications. It’s operational on prominent blockchains like Avalanche, Ethereum, Optimism, and Polygon. Significantly, after rigorous testing by over 25 partners, many are transitioning to the mainnet. These partners encompass giants like decentralized finance protocol Aave and the liquidity platform, Synthetix. Consequently, Chainlink anticipates more top-tier decentralized finance protocols to adopt CCIP soon.

One can’t ignore the importance of the interoperability protocol in Chainlink’s collaboration with SWIFT. SWIFT, a dominant international payment and messaging system, is widely used by global banks.

However, Santiment’s analysis is more focused on something other than Chainlink. The analytics firm is also keeping tabs on Loom Network ($LOOM), Frontier ($FRONT) — a pivotal decentralized finance (DeFi) aggregation layer, and the layer-2 blockchain, ImmutableX ($IMX). As reported by Daily Hodl, these altcoins have displayed stellar performance in recent times. If the adoption rate for these networks rises and new addresses continue emerging, they might sustain their upward trajectories. Hence, there’s potential for these cryptos to outshine the market consistently.

In summary, while Bitcoin’s price remains somewhat stagnant, Chainlink and select altcoins showcase potential for significant gains, driven by positive on-chain metrics and rising adoption rates.

 

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