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Crypto Newcomer Surpasses Ethereum and XRP in Daily Volume, Behind Only Bitcoin (BTC)

April 14, 2020

A relatively new crypto asset just surpassed Ethereum and XRP in daily volume, according to Messari’s Real 10 crypto volume index.

Messari created the index in March of last year in an effort to reveal legitimate crypto volume by tracking 10 exchanges: Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken and Poloniex.

The move followed a report from Bitwise that was submitted to the US Securities and Exchange Commission in March of 2019. At that time, Bitwise researchers declared that 95% of all reported Bitcoin (BTC) trading volume on CoinMarketCap was fake or non-economic in nature.

Messari founder Ryan Selkis highlighted today’s volume stats, which show Chainlink (LINK) surpassed Ethereum and XRP to become second in overall trading volume on Monday. Messari reports $130,535,603 in LINK trading volume, compared to $118,309,525 for Ethereum (ETH) and $77,029,141 for XRP.

Bitcoin remains on top, with $1,025,618,898 in trading volume on April 13th.

https://twitter.com/twobitidiot/status/1249893225147576320

The volume shift happened despite LINK’s current status outside of the top 10 largest cryptocurrencies by market cap. It ranks 11th.

Chainlink is designed to help companies streamline the process of taking data that is external to blockchain applications and placing it on-chain. Its native token, LINK, was created to reward operators who power the network.

It was one of the best-performing cryptocurrencies of 2019, surging from 29 cents to $1.80 — a 520% increase. The coin has continued to rally in 2020 and is now $3.37 at time of publishing.

A new report from IntoTheBlock shows the network’s on-chain fundamentals are strong, with a steady rise in the number of addresses holding LINK in the last 12 months.

However, according to new analysis from News BTC’s Tony Spilotro, the TD sequential indicator, which tracks a series of price points to identify trend reversals, is currently flashing a sell signal for LINK which suggests that a price drop is on the horizon.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/GrandeDuc