Chainlink’s market capitalization surpassed that of Bitcoin Cash, making it the 8th largest cryptocurrency. However, at press time, is ranked the 9th largest crypto asset with a market value of about 8.7 billion, according to data by CoinMarketCap.
According to a Cointelegraph , Chainlink took over Bitcoin Cash’s position as the 8th largest cryptocurrency on the 18th of January, as the DeFi market exceeded $24 billion in total value locked. The report says that the DeFi market has been on a consistent rise over the past few months. Specifically mentioned are the AAVE and SUSHI rallies.
The report added that Chainlink advanced 13% in the last 24 hours, and the increase may be tied to the growth in the DeFi space. However, CoinMarketCap currently shows that Chainlink has gained 4.56% over the past 24 hours.
Additionally, Cointelegraph said that LINK is technically in “price discovery” and is poised to new highs.
The report further said that Santiment’s on-chain analysts discovered that dormant digital assets are continually moving and pushing various cryptocurrencies. In a recent , the analysts said:
