Oracle Network Chainlink (LINK) Outperforms Bitcoin

The Oracle Network Chainlink and the LINK token, outperformed Bitcoin by a lot as the coin used a lot of the investors’ attention which led to a self-feeding bullish movement. LINK increased by 31 percent in the first quarter and was trading at $3.20 which represents a 42 percent month-to-date increase according to the data that we have in our Chainlink news today.

According to the data from Messari, the oracle network Chainlink registered a bigger MTD price gain of 62 percent over the weekend and it was trading at a one-month high at $3.66. The 14^th largest cryptocurrency is increasing above the number one cryptocurrency which only made slight gains so far this month while sheding 10 percent of the value in the first quarter. The hype also played a huge role in the run-up. Connor Abendschein who is a crypto researcher at Digital Assets Data explained:

“Link has a strong fan base that constantly promotes or ‘shills’ the project to potential buyers. This often creates a positive reinforcement cycle, further driving up the price.’’

Chainlink gave the market traders something to talk about. The association with the new project called the Baseline Protocol and new partnership in the decentralized finance space which generated most of the hype for the project. Chainlink is a system of oracles that is built on top of the Ethereum blockchain. The Oracle is a third-party information source that supplies data to blockchains so if someone buys insurance, an oracle will send information to the smart contract when something happens so they can pay the policyholder. The LINK token is used to pay Chainlink’s node operators for the services.

The baseline protocol which was formed by EY and Conesys along with Microsoft’s help is an open-source initiative that uses blockchain, messaging with cryptography methods and aims to deliver private business processes at low costs via the public Ethereum mainnet. Chainlink joined forces with the founders and tried to work on developing the baseline protocol. The co-founder of Framework Ventures Vance Spencer commented:

 “People are incredibly excited for Chainlink to help usher in an era of mainnet enterprise applications as a part of initiatives like the Baseline Protocol. The boundaries between classically defined smart contracts and oracles have started to dissolve. This has reframed narratives surrounding smart contracts, pushing expectations of trustlessness and, therefore, valuation from base layer blockchains to the oracles that service them. Chainlink is by far the best of breed approach, team and product in a space that we increasingly see as winner-take-all.”