Link Price Surges 32% to Overtake Bitcoin Cash as 5th-Largest Crypto by Market Cap

Sebastian Sinclair
Updated ·1-min read

The native token of decentralized oracle network Chainlink (LINK) has just claimed a top-five spot in terms of market value.

  • According to data provider Messari, LINK has overtaken bitcoin cash (BCH) to become the fifth-largest crypto asset by market capitalization in what is affectionately known in the community as a “flippening.”

  • Market capitalization refers to the total number of coins or tokens in circulation multiplied by its spot price and is often used by the community to rank various assets.

  • At press time LINK stands at $5.76 billion compared to BCH’s $5.30 billion in total market value with a 24-hour volume clocking in at $1.05 billion versus BCH’s $83.7 million.

  • A flippening occurs when a top cryptocurrency project overtakes another to steal its spot in the upper ranks. This one was widely anticipated, as LINK is up 32% on a 24-hour basis.

  • LINK has experienced an incredible rise year-to-date having climbed from $1.80 on Jan. 1 to $16.75 as of press time, according to Messari's data. The surge has been driven by the explosion in the popularity of decentralized finance (DeFi), in which Chainlink’s price feeds have become a major player.

See also: How DeFi Could Disrupt Traditional Finance, Feat. Sergey Nazarov

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