LINK hits new yearly highs in news-filled market

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Data shows that Chainlink’s native token LINK has increased by more than 60% in the past month, reaching an annual high of $12.65.

During the reporting period, LINK broke through key resistance levels and reached its highest level since April 2022.

Why does LINK increase?

While the broader cryptocurrency market has rebounded strongly over the past month on optimism surrounding Bitcoin spot ETFs, Chainlink has also quietly been enjoying some strong stories driving its price performance.

Data from Glassnode shows that LINK’s bullish trend is supported by an increase in the number of non-zero balance addresses, reaching a new high this year at more than 685,000.

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Chainlink non-zero address | Source: Glassnode

This demonstrates the growing adoption of digital assets by investors who purchase multiple crypto tokens.As background, on-chain analyst Lookonchain said Report The whale address received 312,901 LINK on November 5, worth approximately $3.81 million.

Chainlink’s planned Stake v0.2 upgrade will reignite interest in its ecosystem. The upgrade will introduce flexible withdrawals, liquidity rewards, modular structure and dynamic rewards. These innovations are designed to enhance user experience and encourage participation in the network.

In addition, the Digital Asset Cross-Chain Interoperability Protocol (CCIP) is being widely adopted by large traditional institutions.

In August, global financial information network Swift revealed that it was working with Chainlink and multiple financial institutions on a tokenization trial involving the transfer of tokens across multiple blockchains.

CCIP technology will also be adopted by Korean gaming giant Wemade in October to support an interoperable Web3 gaming ecosystem. At the time, the gaming company also made Chainlink Labs, the first alliance focused on full-chain ecosystem development and innovation, a member.

Additionally, Hong Kong revealed that it is using CCIP technology to exchange value in a central bank digital currency (CBDC) trial.

These developments have made LINK one of the best-performing digital assets in the crypto ecosystem this year. The asset is up 125% year to date, according to TradingView.

You can check coin prices here.

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Mingying

According to Cryptoslate



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