Why Chainlink Surged (Then Plunged) Today
A great deal of attention is being paid to the infrastructure underpinning key areas of innovation, including artificial intelligence (AI) and blockchain technology. Thus, one might think that Chainlink (CRYPTO: LINK), as a key oracle provider that allows for off-chain data to be ported to blockchain networks, would be well-positioned to outperform. Over specific periods in recent years, this has been the case.
However, over the past 24 hours, Chanlink has declined 4.6% as of 5:30 p.m. ET, with losses accelerating throughout the day for investors. Perhaps what's more impressive than this overall decline is that this top cryptocurrency actually trended higher this morning, surging around 3.3% from yesterday afternoon to this morning's high, before giving up all these gains and then some.
Let's dive into what drove Chainlink's surge and plunge in today's session.
Source Fool.com
