Summary:
- The daily trade volume of ChainLink (LINK) on crypto exchanges has been on a steady climb.
- LINK was the second most traded digital asset on the Gemini exchange edging out Ethereum.
- A similar feat was achieved on Kraken by ChainLink and for a second day.
- The LINK perpetual contract on FTX was the highest traded contract ahead of Bitcoin’s.
- LINK’s rise in the crypto markets has been temporarily halted by the Twitter hack.
For the past two weeks, ChainLink (LINK) has been the talk of the town with the digital asset breaking several all-time high values with the most recent being at $8.74 according to Coinmarketcap. The impressive market performance of LINK has led to the digital asset breaking several trade volume records on multiple exchanges.
LINK Beats Ethereum in Trade Volume on Gemini and Kraken
To begin with, ChainLink (LINK) had an incredible day, in terms of trade volume, on the Gemini exchange. According to Cameron Winklevoss, LINK’s trade volume on the Gemini exchange surpassed that of Ethereum in the last 24 hours. Below is the tweet by Mr. Winklevoss marking this milestone.
Massive day for $LINK. It’s the second most traded asset on @Gemini over the past 24hrs, edging out $ETH.
— Cameron Winklevoss (@winklevoss) July 16, 2020
Additionally, LINK achieved a similar feat on the Kraken crypto exchange. In this case, it was the second day that LINK had edged out Ethereum in terms of 24-hour trade volume. In their daily market report for July 16, the team at Kraken further highlighted that LINK’s trade volume has been on a steady increase for quite some time.
LINK beat out Ethereum for the second straight day in terms of total trading volume. LINK/USD has had the largest increase in week-over-week and month-over-month trading volume.
LINK Perpetual Contract the Most Traded on FTX
Furthermore, LINK has also broken records on the FTX crypto exchange by surpassing Bitcoin as the most traded perpetual contract on the platform. This feat was highlighted by the CEO of FTX, Sam Bankman-Fried (SBF), via the following Tweet.
I think this is a first: BTC-PERP isn’t the most traded contract on FTX today. That would be $LINK.
And a bunch of tokens–including $SXP, a new listing–have traded more than the BTC quarterlies.https://t.co/oAq1EgrRgo pic.twitter.com/TlAiqgNHjH
— SBF (@SBF_Alameda) July 15, 2020
LINK Briefly Shaken by the Twitter Hack
A brief glance at Coinmarketcap once again reveals that ChainLink (LINK) is still ranked 8th ahead of Litecoin (LTC) and Binance Coin (BNB). However, the value of the token seems to have been shaken by the Twitter hack. LINK’s journey up the ranks has suffered a brief setback due to the Twitter hack that has had a negative effect on all digital assets.
In the case of LINK, the digital asset briefly dropped below $8 to $7.92 on Binance. However, LINK has since reclaimed some of its bullish momentum and is trading at $8.56 at the time of writing this.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.