A mid-cap altcoin is close to setting a new all-time high as the leading cryptocurrency, Bitcoin, struggles to rise above $9,000.
After hitting recent highs of $10,500 last month, BTC has yet to recover. At time of publishing, Bitcoin is down 0.10% at $8,812, according to CoinMarketCap.
Despite Bitcoin’s downward spiral, the crypto asset Chainlink (LINK) has remained strong and continues to outperform. The cryptocurrency is now at $4.78, up 13.4% in the last 24 hours – close to surpassing its all-time high of $4.83.
Crypto Michaël, a cryptocurrency trader and analyst from Amsterdam, predicted that Chainlink would surge if it could break through resistance at $4.30. He suggests that its strong performance is a sign that the crypto market remains in an overall bull trend and that altcoins have an opportunity to rise when Bitcoin takes a break.
Breaker here, as you can see.
— Crypto Michaël (@CryptoMichNL) March 3, 2020
Chainlink uses a token that rewards operators who power the network, which is designed to help companies streamline the process of taking data that is external to blockchain applications and placing it on-chain.
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Featured Image: Shutterstock/LevLev