- LINK goes to stratosphere amid range-bound market
- Chainlink’s partnership with Constellation Network might have added to market optimism.
The LINK price recovered from the recent low of $2.19 to trade at $2.53 by press time.
Chainlink (LINK), now the 15th largest coin with the current market value of $903 million has been outperforming other top altcoins recently. The coin has been growing since Sunday and gained over 10% of its value in recent 24 hours. At the time of writing, LINK/USD is changing hands at $2.53, off the recent high registered at $2.97 on October 9. LINK is most actively traded on Binance and Coinbase.
What’s behind the spectacular growth
The recent news about Chainlink being integrated with Constellation Network to combine big data solutions with DLT (distributed Ledger Technology) might have supported the price increase.
The Constellation Network is a provider of communication protocols and infrastructure solutions for corporate clients, including the United States Air Force. Chainlink develops customizable API middleware solutions to will facilitate smart contracts adoption by large companies.
Under the partnership, Constellation will become an oracle node on the Chainlink Platform.
"Poor quality data costs businesses nearly $700B a year or 30% of an average company's revenues. Groundbreaking technologies, like Constellation and Chainlink, are approaching the big data space with decentralized, secure, and novel solutions to big problems." Benjamin Jorgensen, CEO, and Co-Founder of Constellation Network commented.
"The collaboration showcases two blockchain companies with the aim of setting new standards around data while driving real-world adoption of distributed ledger technology."
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