Chainlink (LINK), a flashy cryptocurrency with a market cap of $5.3 bln, is now in third place when it comes to adjusted trading volume, CoinMetrics data shows.
Based on the seven-day moving average of its volume, it is now only behind Bitcoin (BTC) and Ethereum (ETH) among non-stablecoin cryptocurrency assets.
Trumping other altcoins
This month, LINK is significantly outperforming every major altcoin, including XRP. The latter used to be a fixture at third place before LINK started to generate tons of buzz with its stellar rally in mid-August.
As reported by CryptoComes, the token’s volume surpassed that of Bitcoin on Coinbase Pro and Binance on Aug. 10.
As of today, LINK/USD is the third most traded pair on the aforementioned spot exchanges but it lags behind Litecoin (LTC), Bitcoin Cash (BCH), and EOS in terms of the global trading volume.
After topping Bitcoin’s trading volume in October 2019, the Tether (USDT) stablecoin remains at the top.
Recovering from Portnoy’s snub
Multiple exchanges are scrambling to come up with new products for the hottest cryptocurrency in the industry. Binance recently rolled out Chainlink futures while Bitfinex is expected to enable margin trading.
However, now that Barstool Sports founder Dave Portnoy got out of LINK and abandoned its community, the coin is struggling to maintain its momentum.
The token is still down 24.9 percent from its lifetime high of $20 that was reached on Aug. 16.
In the meantime, Chainlink continues to churn out new partnerships, with NFT-focused dApp Landroid being the latest project to forge ties with the decentralized oracle provider.