Chainlink (LINK) is rising after a 6-week downtrend, with a recovery close to 20% in the last 24 hours. So what are the reasons behind this rise?
Having experienced a downward price pressure with the sale of 500,000 LINK coins from the address owned by a Chainlink developer, LINK has recovered in the last 24 hours and managed to increase its price to over $ 10 again. LINK, which experienced a small retracement afterwards, is currently trading at $ 9.69.
Market experts point to two important reasons behind this promising rise:
- New partnership announced by Chainlink
- Bitcoin price rise
Chainlink and Famous Travel Company Shake Hands
The upward movement seen in Chainlink charts was observed right after the partnership announcement with Travala.com. More than 2 million hotels and homestays can be booked in 230 countries with LINK payment very soon via Travala.com.
Travala.com, which provides tourism services known for being digital currency friendly, accepts payments with many cryptocurrencies. On the site, it is possible to pay accommodation or flight expenses with many cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Binance Coin (BNB) and Litecoin (LTC). With the LINK move, Travala.com allows payment transactions with 31 cryptocurrencies, including its own digital currency Travala (AVA).
Bitcoin Price Positively Affects the DeFi Industry
Analysts and commentators believe that Bitcoin, as the leading coin, leads the cryptocurrency world with its price movement. In this direction, it is necessary to mention the Bitcoin price movement, which coincides with the rise of Chainlink. A rise in the bitcoin price creates a positive wind across altcoins and most of all in the DeFi world. According to experts, the rise on the BTC wing in the last 24 hours may have also affected Chainlink, a DeFi coin.
In the early hours of the morning, the BTC price rose by 5% with the effect of the weakening dollar, the BTC whale movements and the positive mood of the futures market, reaching the $ 10,800 threshold. However, Bitcoin could not maintain its place with the effect of $ 1 billion of options that expire today and fell to $ 10,650. Nevertheless, the Bitcoin price continues to grow by 3% in the last 24 hours.