As Bitcoin, Ethereum, Ripple’s XRP, And Litecoin Lose Billions, This One Small Coin Has More Than Doubled

The bitcoin and cryptocurrency market has lost a combined $170 billion since its year-to-date high set in June, with major tokens ethereum, Ripple’s XRP, and litecoin all falling steeply.

The bitcoin price has almost halved, dropping from almost $14,000 to trade at around $7,600 today (though some heavyweight crypto investors remain upbeat).

However, one relatively minor cryptocurrency, chainlink, has more than doubled since June, jumping from around $1 to $2.55 after the company behind the token revealed a raft of partnerships and deals to use its technology.

The chainlink token, which trades under the name link, began the year at $0.25, climbing to highs of around $4 per link token, before falling back along with the wider bitcoin and cryptocurrency market.

Chainlink is currently the 14th most valuable cryptocurrency by market capitalization, according to CoinMarketCap data, which counts bitcoin, ethereum, Ripple’s XRP, bitcoin cash, and litecoin as the respective top five (excluding so-called stablecoin tether).

Chainlink, an ethereum token that powers the Chainlink decentralized oracle network allowing smart contracts on ethereum to connect to external data sources, APIs, and payment systems, has managed to stage a strong recovery since the late summer sell-off, breaking away from the wider bitcoin and crypto market, which has been falling steadily.

Some of chainlink’s recent gains could be due to its efforts to expand into China just as China’s president Xi Jinping has revealed the country will work to widely incorporate blockchain technology over coming years.

In April, the Chainlink organization hired a Chinese community manager.

Last month, Chainlink teamed up with Binance, the world’s largest bitcoin and cryptocurrency exchange by volume,…

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