Altcoins Are Currently Surging Very Fast: Chainlink, Tezos and VeChain

[G.Belaci]

While all the market attention has been in and around Bitcoin, investors need to look at some better and alternate options. The crypto market is currently buzzing with some once lesser-known altcoins.

Oracle service provider Chainlink (LINK) has been one of the top performing cryptocurrencies for 2020. Chainlink continues its massive rally in the crypto market surging more than 250% since the beginning of 2020.

Chainlink is one blockchain network that helps to solve one of the most pressing issues of the blockchain industry. The Chainlink oracles help to connect Ethereum-based smart contracts with off-chain data thereby establishing a bridge between off chain platforms and the blockchain network.

This has turned out as the most vital application as several businesses running decentralized applications like DeFi can have access to off-chain data and automate the entire process on a blockchain platform. With the recent surge in DeFi, the demand for Chainlink has been on a rise.

Two weeks back, Chainlink also entered a collaboration with China’s Blockchain Services Network (BSN) to help them with easy data transfer. Besides, Chainlink is making some important partnerships with other businesses and helping them with oracles services.

At press time, Chainlink (LINK) is trading at $7.32 with a market cap of $2.56 billion. Chainlink has climbed up the ranks to grab a spot in the fifteen most-valuable cryptocurrencies by market cap. Chainlink is witnessing a major surge in its daily trading volumes which has reached over $800 million.

Another smart contract token Tezos (XTZ) has surged very fast in 2020 and is currently witnessing high daily trading volumes. Since the beginning of 2020, Tezos has surged over 90% and is currently trading at a price of $2.95 with a market cap of $1.95 billion. If Tezos manages to cross its major resistance of $3, it will further continue to surge from these levels.

VeChain (VET) - a blockchain-powered services that focuses on providing institutions with supply chain organization, financial services and smart contracts - is now in limelight. Many analysts call VeChain as one of the most-innovative blockchain networks in the market.

Recent industry reports suggest that VeChain might enter into a partnership with Ripple very soon. While it’s not confirmed yet, VeChain is seeing a good jump in its daily trading volumes.

At press time, VeChain (VET) is trading at a price of $0.017 with a market cap of $997 million and daily trading volumes at $1.36 million.

Source: WorldCoinIndex

[bigcash2011]

It is solely based on good products, services and platform releases by these projects and overall market is still not broken out and we can see market cap ranging in these zones for months now.

[tinakoya]

These altcoins doing incredibly well are working tirelessly on their development and have brilliant usecases. I must admit i didn't expect chainlink to actually surge this fast, this shows that if a project have a good and determined team and actually working on delivering a spectacular product; they can actually survive anything, not even pandemic can slow them down. Chainlink, tezos and quant are doing really great

[TomPluz]

There is no question that DeFi networks are making big surges in the recent weeks and this can be ongoing maybe for the rest of the year until the marketplace can find other things to focus its attention to. Anyway, some of these platforms will really be big and successful while some others can just withered and many new projects taking advantage of the DeFi phenomenon will just a natural death. No wonder many people are feeling that there can be some similarities with the ICO popularity in 2017.