In what is certainly a testament to the asset’s continued ascension, Chainlink (LINK) is inching ever closer to passing Dogecoin (DOGE) in market cap as LINK continues its impressive climb. Indeed, the asset is currently trading at more than $20 according to CoinMarketCap. Moreover, it is up more than 1.4% over the past 24 hours.
LINK has been one of the surprise digital assets of the year thus far, noting an impressive explosion in value. Indeed, it has grown a remarkable 10% in just one week. Additionally, those increases have grown to an astounding 30% over the last 30 days. Currently, it is the 11th largest cryptocurrency by market cap, just one place below Dogecoin.
Also Read: Chainlink (LINK) Reaches 2-year High, Can it Hit $25 Next?
Chainlink Threatening Dogecoin in Rankings Amid Surge
Also Read: Chainlink Weekly Price Prediction, LINK Sustains $20 Level
Throughout 2024, a host of digital assets have not performed as well as many hoped. Amid the Bitcoin Spot ETF approvals, many tokens have not experienced the benefit that had been expected at the tail end of 2023. However, the industry has seen one surprise token surge in value throughout the year so far.
Indeed, Chainlink has been a clear surprise, and it is now set to jump Dogecoin (DOGE) in market cap as LINK keeps climbing. Currently, LINK is just outside the top 10 with a nearly $12 million market cap figure. Alternatively, Dogecoin is just inside the top 10, with a market cap of $12.2 million
Could LINK Keep Going Up?
Also Read: Chainlink (LINK) Price Prediction: Mid-February 2024
Many expect the positions to flip mostly due to the large discrepancy between the momentum facing both tokens. Specifically, LINK is enjoying its highest level since the first month of 2022. Additionally, its technical indicators are still strong, supporting the opinion that it can continue to grow.
Singles showcase a buying pressure, with the relative strength index (RSI) nearing 80 to 90. Currently, it is at 70 and has been situated there for a couple of weeks. Therefore, there is still room to continue rising before overbuying begins to be a problem.
Additionally, it should also benefit from the continued momentum throughout the entire digital asset sector as a whole. The Spot Bitcoin ETF volumes are set to increase, and the Bitcoin halving event is set to take place in April of this year.
All of this is complemented by the assets growing usage. Indeed, the token has listed integrations with more than 1,000 projects on Ethereum. This interaction and integration surge is a massive reason for the price increase. Therefore, may expect a $50 potential in the second half of 2024. By 2025, at the current rate, it could be nearing triple digits.