By Franklin Smith
Though oracle protocols are still the crypto market’s developing arm, Chainlink (LINK), the pioneer in that sector, faces competition. Nevertheless, this competition is nowhere near impacting Chainlink’s growth.
Chainlink in Second Quarter
Data published earlier this month shows that the overall market slump affected the oracle blockchain. As a result, the second quarter showed sluggish performance compared to Q1.
Total oracle platform saw a 16% increase between January and March 2022, while only a 10% surge appeared between April and June. Nevertheless, Chainlink’s growth during the year remained far high. The platform presented a 180% uptick from 360 networks to around 1007.
Plus, with more than 1,350 projects within the Chainlink network, the ecosystem has integrated with over twelve blockchains and layer2 networks. Such developments will likely trigger optimism among investors.
Nevertheless, the network has seen declined adoption since the month started. That isn’t an impressive update for LINK, as up until last month’s end, the adoption hovered at 6-month peaks.
Moreover, LINK remained without attractive changes on its charts. Fluctuation within the past month has had the alternative token consolidating near the $6 mark. Moreover, LINK hovered at June 12 price levels during this publication.
Remember, the price drops on June 28 &June 29 catalyzed an enormous decline from long-term investors. However, the 48 hours saw more than 922 billion days consumed by long-term holder selling. To clarify, beware that this metric is yet to hit 10 billion, which is why investors remained concerned about Chainlink’s LINK.
Bears have been relentless in the past sessions, triggering declines and preventing new upswings. The last day saw declines as bears resurfaced after the latest upside attempts by most leading assets. While publishing this content, the overall cryptocurrency market capitalization stood at $873 billion, dropping 1.26% over the past day.
The metric remained well beneath the crucial $1 trillion. Meanwhile, the total crypto volume increased by 4.21% within 24 hours to $55.60 billion. Macroeconomic elements contribute to the current bearish regime in the crypto world.
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