Chainlink LINK is one of the top-performing cryptocurrencies so far in 2024. The native cryptocurrency of the Chainlink Web3 network has reached a price it hasn’t seen since January 2022, and its market cap now sits at over $11 million.
According to CoinMarketCap, LINK now sits in 11th place on the cryptocurrency charts, just behind the leading meme-coin Dogecoin. Chainlink has risen by over 4% in the past 24 hours to $18.93 at press time. While it still sits in 11th place, compared to the top-10 leading cryptocurrencies, LINK has performed the best in the past day, and far-and-away the best in the last week. In just 7 days, the cryptocurrency is up over 25%.
Also Read: Chainlink (LINK) Rallies 40%, Can it Hit $20 This Week?
What is Causing Chainlink LINK to Surge?
One reason why LINK may be surging is due to renewed interest in tokenizing RWAs (real-world assets), according to some market watchers. Chainlink is one of the global leaders in tokenization, and with the growing interest in cryptocurrency and blockchain, LINK may be reaping the most benefit. In terms of representing real-world assets as tokens, Chainlink is one of the best choices.
Essentially, a lump of long-dormant LINK whales has abruptly awakened, transferring huge sums back into circulation. This influx from holders accumulating during Chainlink’s multi-year bull run likely kicked FOMO into high gear, contributing to LINK’s price jump as smaller players rush to chase gains.
Chainlink’s all-time high was reached in May 2021, hitting north of $52. While that number is still far from reach, Chainlink’s recent performance indicates that interest is growing at a similar rate as before that high. With LINK looking like it may not slow down in the near future, Chainlink may become one of the top-ten performing cryptocurrencies and one to watch in the coming months.