Chainlink (LINK), the native token of the eponymous network, experienced a sharp rally on Wednesday.
The token surged by approximately 18-20%, reaching an intraday peak of $14.57. It has vastly outperformed the rest of the top 20 tokens, including archrival XRP.
The launch of the first U.S. Chainlink exchange-traded fund (ETF) is believed to be the key catalyst behind the recent surge.
The product, which debuted on Dec. 2, provides direct exposure to LINK. The product recorded a rather “solid” volume of roughly $13 million. Eric Balchunas, senior ETF analyst for Bloomberg, has described this as another insta-hit for the crypto world.
From the get-go, Grayscale, the world’s largest crypto asset manager, will be offering this ETF with 0% fees.
Bitwise filed an S‑1 registration statement with the SEC on Aug. 26to launch a spot Chainlink ETF. The fund has appeared on the registry of the Depository Trust & Clearing Corporation (DTCC) under ticker CLNK.
Canary Capital submitted an amended filing with the SEC for its “American‑Made Crypto ETF” that includes Chainlink alongside XRP and other assets.
ATH is still out of reach
That said, LINK is still far from reclaiming its all-time high of $52.70, which was recorded back in May 2021. So far, the token is down by 72% from its record high.
April 2021 was part of a major Bitcoin and altcoin bull run, with investors FOMOing into such tokens.
The ETF-driven rally is rather strong, but the level of excitement surrounding Chainlink is still rather muted compared to that time.
Source: https://u.today/chainlink-link-leaves-xrp-in-the-dust-wth-massive-gain
