Traders are flocking to LINK as it outperforms the rest of the altcoin market.
Chainlink’s LINK token has been one of the top-performing altcoins since it announced the Chainlink Reserve on Aug 7, a program that uses offchain revenue to accumulate LINK.
LINK has surged 54% since the announcement, and is up another 8.2% over the last week, while BTC has been flat since Aug. 7 when the reserve was announced, and is down 7% over the last seven days.
The move propels LINK into the top fifteen cryptocurrencies by market capitalization; however, LINK has to rally another 83% in order to flip the next largest token, Cardano (ADA).
Chainlink’s reserve is meant to support the growth and sustainability of its network, and withdrawals are not anticipated for “multiple years.” As of Aug. 14, the reserve had accumulated 109,661 LINK worth roughly $2.8 million.
