Chainlink (LINK) gained 2.50% in the past 24 hours, ranking as the only top 20 coin in the green [yes, Tether (USDT) is included. In the past few days the market has been largely trading in the green with Bitcoin (BTC) maintaining its par-$10,000 USD level in four of the past seven days pushing the altcoin market up with it.
However, following a crash back to $9,800 USD, the market has turned red with top altcoins bleeding returns starting at 2% up to 15% as the market bulls try to find their strength. Despite the heavy fall in prices across the market, one coin is defining its own path as it gained almost 8% in the past 24 hours.
LINK, a decentralized oracle built on blockchain, is currently trading at $4.655 USD, representing a 12.40% increase from intraday lows on Sunday and 7.65% from Saturday’s closing price. While the fundamentals of the coin and technical indicators remain positive for the token, it may be the latest saga involving bZx exchange loss of $350,000 USD, which may have spiked interest in the token.
bZx exchange loss a silver lining for LINK?
While the exchange denies the loss of funds is due to reliance on one oracle (Kyber Uniswap), there is increased speculation that manipulation of an oracle could have caused the theft.
1/ Due to the complexity of the transaction, providing a comprehensive accounting of the losses will require additional time. This was not a simple Uniswap attack, and we do not use Uniswap as an oracle.
— bZx (@bzxHQ) February 15, 2020
Following the hack/theft/loss of funds (key term yet to be determined), the CEO of Chainlink said that decentralized finance products and other blockchain products should not rely on a singular oracle to gather data. He said,
“You can’t rely on [only] one oracle connected with an exchange API.”
Could the hack be bring more attention to Chainlink (LINK), a smart contract platform that offers the user connectivity to real world data and interconnection to other oracles?
After hitting an all-time high barely two days ago, the price of LINK set a new ATH today, trading at $4.90 USD. With bulls having a strong hand in the market at the moment, RSI pointed in the buying levels, price looks set to soar to even greater heights with some traders calling in a breach of the $5 USD level in the near future.
$LINK reaching $5 is a psychological milestone for many, cementing it in top 10 CMC. It is no longer and if, but certainly a when.
— Shilla Ła฿eouf (@ShillaLaBeouf) February 16, 2020