Chainlink has been doing well in the crypto market in the past few weeks, and this is buttressed by the fact that its market capitalization has seen some significant changes. With its market capitalization gaining well over the top, the digital asset has moved well to reach 8th in the ranking of coins in the crypto market. With the digital asset making the big leap, it’s market capitalization is now close to $8.7 billion, a data provided by coin ranking platform, CoinMarketCap.
Chainlink displaced Bitcoin Cash to move to 8th
Going by the records since last week, the digital asset saw a major turn in fortune to displace Bitcoin Cash of the 8th spot in the market cap ranking. This recent move came off the back of the recent surge experienced in the DeFi market, with the sector now possessing around $24 billion in total value locked since the beginning of this year.
The DeFi market has seen a mammoth rise over the past few months, with the cheerleaders being Aave and SUSHI. The report by several ranking websites showed that Chainlink experienced a massive 13% increase since yesterday. The DeFi space is to thank for the bullish run being experienced by the digital asset. However, CoinMarketCap is still showing that Chainlink has only seen a rise of 4.56 in the last day, making a case for the genuity on other crypto ranking websites.
DeFi was a major factor in the rise
Experts and analysts have also said that this phase was expected because the coin is still in a price discovery stage. This is true judging by the fact that the digital asset has touched several highs and lows across the weeks, and analysts say that it’s on chain analysis is showing mainly highs presently.
Also, Santiment mentioned that several digital assets that have remained in a stagnated position are presently making massive surges in the market. The experts also said that one factor had been involved in their recent rise, and it is the DeFi surge that has begun to take place after taking a break for the better part of last year. The DeFi sector took a needed rest after making waves in the early parts of 2020, contributing to the massive surge that Bitcoin experienced last year.