Chainlink (LINK) hits 3-month high; $2 billion trading volume·Oracle market share at 61%

Chainlink (LINK) has achieved its highest price in 3 months amid a surge in trading volume. Analysts attribute the uptrend to expanding demand for oracle services and increasing adoption of the Cross-Chain Interoperability Protocol (CCIP).

According to the crypto-focused media outlet Cryptopolitan on the 14th, LINK recorded $2 billion in trading volume over the past 24 hours and has soared about 50% so far this month. As of 17:30 today, LINK was trading at $23.37, with both price and volume at their highest levels this year.

The media reports that Chainlink holds a 61% market share in the oracle market. The company also provides price data to 453 projects across 21 blockchains. In addition, it was mentioned as a representative oracle example in the White House digital asset framework.

CCIP utilization, in particular, saw a sharp rise in July and August. There has been increasing demand to transfer stablecoins like USDC and LBTC across different chains, and a noticeable traffic uptick has occurred on Layer 2 chains such as Arbitrum and Base.

The media added, “Chainlink is one of the top 10 assets included in the ‘Made in USA’ narrative and is expected to benefit from the favorable crypto regulatory environment in the United States.”

Meanwhile, oracles in blockchain technology refer to solutions that bring external data onto blockchains. The CCIP (Cross-Chain Interoperability Protocol) is a Chainlink technology that allows secure transfers of tokens and data between different blockchains.