A relatively new crypto asset just surpassed Ethereum and XRP in daily volume, according to Messari’s Real 10 crypto volume index.
Messari created the index in March of last year in an effort to reveal legitimate crypto volume by tracking 10 exchanges: Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken and Poloniex.
The move followed a report from Bitwise that was submitted to the US Securities and Exchange Commission in March of 2019. At that time, Bitwise researchers declared that 95% of all reported Bitcoin (BTC) trading volume on CoinMarketCap was fake or non-economic in nature.
Messari founder Ryan Selkis highlighted today’s volume stats, which show Chainlink (LINK) surpassed Ethereum and XRP to become second in overall trading volume on Monday. Messari reports $130,535,603 in LINK trading volume, compared to $118,309,525 for Ethereum (ETH) and $77,029,141 for XRP.
Bitcoin remains on top, with $1,025,618,898 in trading volume on April 13th.
$LINK is an absolute monster.
#2 in Real 10 volume today. pic.twitter.com/SLAZ2C81qq
— Ryan Selkis (@twobitidiot) April 14, 2020
The volume shift happened despite LINK’s current status outside of the top 10 largest cryptocurrencies by market cap. It ranks 11th.
Chainlink is designed to help companies streamline the process of taking data that is external to blockchain applications and placing it on-chain. Its native token, LINK, was created to reward operators who power the network.
It was one of the best-performing cryptocurrencies of 2019, surging from 29 cents to $1.80 — a 520% increase. The coin has continued to rally in 2020 and is now $3.37 at time of publishing.
A new report from IntoTheBlock shows the network’s on-chain fundamentals are strong, with a steady rise in the number of addresses holding LINK in the last 12 months.
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Featured Image: Shutterstock/GrandeDuc
