Chainlink is in a comparatively advantageous position to profit from the impending Bitcoin boom

The last several days have been quite good for the majority of altcoins. Despite Bitcoin's insufficient support, they have been able to continue their individual rallies. Take Chainlink, the market's 12th largest cryptocurrency.

The market value of the aforementioned altcoin has increased by over 119 percent over the last six weeks and has increased by another 12 percent over the last 24 hours. Indeed, LINK was trading at $34.56 at the time of press.

Chainlink is the go-to provider of solutions

To be sure, a number of things conspired to support LINK's rally this time. To begin, the network's continuous growth was a significant catalyst. Chainlink's price feeds are increasingly establishing themselves as the de facto price oracle solution for computing borrowing rates and collateralisation ratios.

For example, SCREAM — Fantom's major lending provider - relies on Chainlink's feeds as its principal oracle solution. The network's price feeds have a track record of providing accurate on-chain updates in the face of unanticipated externalities such as exchange downtime, data manipulation attempts, and crash outliers.

Additionally, other smart contract developers can leverage Chainlink's up-to-date market data to create a variety of DeFi goods. For example, by integrating Chainlink's FX Feed on Ethereum, tamper-proof currency markets powered by decentralised price data can be created. Chainlink has been able to establish itself as a solution provider in the field by delivering such services.

Effects of ripples on the token

Chainlink's Github submissions were increasing, as was the network's general development activity. Indeed, Santiment's latest tweet made the same point. Interestingly, ITB's statistics indicated that the number of Commits, Stars, and Open Issues have been hovering around the 148.11k, 3.31k, and 186 marks, respectively, in recent months.

All of this has heightened market participants' positive narrative. For example, the average transaction value has been steadily increasing over the last few weeks.

Additionally, LINK's volatility decreased significantly over a three-month period beginning in June, from over 180 percent to over 70 percent. Surprisingly, current levels were comparable to those in May [74.05 percent].

Volatility being more often than not under control assisted LINK's previous climbs. As a result, the current ideal level created an even more favourable situation for LINK's price to continue rising. Additionally, the altcoin has a pretty strong correlation with Bitcoin [0.8, to be precise], putting it in a favourable position to benefit from the latter's impending rally.

Thus, given the current situation of the aforementioned variables, market watchers can anticipate LINK's price to accelerate northward in the next days. It's worth noting, though, that the alt would likely test the $43 to $46 zone before breaching over $50.

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