Hot Altcoin Chainlink (LINK) Surges 270% In A Month: Just FOMO?

Bitcoin has been in the driving seat over the past couple of months, but the hot altcoin Chainlink (LINK) seems to be driving momentum too – rising by 270% this month alone, as the coming altcoin news show.

The epic performance of Chainlink (LINK) made it one of the hottest altcoins this month. It made monumental gains over the past month and surged by more than 270% as it market capitalization topped $1 billion. LINK performed well and is now at the 16th place in terms of market cap which is above NEO, IOTA, Cosmos as well as Ethereum Classic. With another $100k in the market capitalization, this hot altcoin will be as big as Dash.

As a wall of red bleeds into the crypto markets during the Asian trading session today, LIKN is buckling the trend right now and gaining. At press time, Chainlink is trading at $3.54 with a new minimal increase. However, knowing that the entire market is bleeding today – this hot altcoin is still in the green zone and has proven the traction behind it.

What was $0.30 at the beginning of the year has pumped over a thousand percent so far, the altcoin news show. The hot altcoin Chainlink (LINK) has pumped more than 270% this month alone and even Litecoin, which pumped 300% this year – is way behind comparatively.

So, what’s behind Chainlink (LINK) and why is this hot altcoin all over the latest cryptocurrency news?

Well, it is basically a blockchain project which attempts to solve a problem involving adjudication of smart contract inputs and outputs. The coin provides a temper proof link to solve the “oracle problem” for smart contracts without knowledge of real world data.

As Forbes puts it, the project’s solution to this problem involves the use of a decentralized network of “oracles” to lower the risks associated with placing trust in a third party. The economic model built around the hot altcoin is based on incentives or activities including paying for data and putting up collateral or ‘reputation’ to improve the reliability of oracles within the network.

The FOMO around the hot altcoin Chainlink (LINK) has been there for some time, just as EOS was in April last year. As many best cryptocurrency news sites reported, the LINK prices have been driven by things such as the Coinbase Pro listing and the possible tie with Google Cloud, which name dropped Chainlink earlier this month and caused a spike in prices.