Chainlink Experiences Significant Drop, Falling Over 8% in 24 Hours

In a notable decline over the last day, Chainlink's trading price for its cryptocurrency, LINK/USD, has tumbled by 8.9%, hitting a new low at $13.86. This recent drop is part of a broader downward trend observed over the last week during which Chainlink's value decreased by 15%, descending from $16.3 to its current valuation.

Assessing Chainlink's Recent Price Movements

The recent price dynamics of Chainlink can be better understood by examining the provided chart, which contrasts its price fluctuations and volatility within the past 24 hours against its movements over the previous week. Notably, Bollinger Bands—a statistical measure depicted by gray bands—indicate the degree of market volatility. Fluctuations in the width of these bands correspond to changes in volatility levels.

Market Activity and Chainlink's Circulating Supply

Amidst the market's bearish sentiment, Chainlink's trading volume has seen a rise of 15% over the last week. The currency's circulating supply has also moderately increased by 1.72%, reaching a total of 556.85 million LINK tokens in circulation. This constitutes approximately 55.68% of its maximum supply cap of 1 billion tokens. Presently, Chainlink holds the #15 position in terms of market capitalization, with an estimated value of $7.68 billion.

The current data, including market cap rankings and supply statistics, is sourced from the CoinGecko API.

Chainlink, Cryptocurrency, Price