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Link, dot and XRP lead another altcoin rally as investors opt for cheaper coins with smart-contract capabilities | Currency News | Financial and Business News

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  • Chainlink climbed 18% to $36.35, its highest level since May 19.
  • XRP, dot and litecoin also posted gains.
  • Investors are piling on altcoins because they are cheap and have smart contract capabilities.

Analysts said that Link, bitcoin cash, XRP, dogecoin, dot and litecoin jumped to multi-month highs on Monday as investors opted for cheaper alternatives to bitcoin whose networks could support decentralized finance applications and smart contracts.

A smart contract is a piece of code that allows people to enter into financial agreements without the need for a central player such as a commercial bank or intermediary.

With their ability to run smart contracts, blockchain networks like ethereum have been able to do more than just host cryptocurrencies. It can include different layers of software, hosting non-fungible tokens, and more. The Bitcoin network is slower and more expensive to use and generally does not handle this type of application.

Bitcoin is still the largest cryptocurrency by market capitalization. But it has fallen behind some small icons in recent weeks.

“What makes bitcoin less popular is its higher cost and closed-end nature when compared to the cost of Ethereum and other smart contract-enabled digital currencies,” said Yuri Mazur, Head of Data Analytics, broker CEX.IO.

“The crypto-community believes that altcoins could rise 5x or even 10x over the next several months, while bitcoin will slowly rise,” said Edward Moya, chief market analyst at OANDA.

Link is up as much as 18% in the past 24 hours to reach a session high of $36.35 — the strongest level since May 19 — and was last up 6.8% at $35.79, compared to a 1.65% gain in bitcoin, according to Coin. Market cap. The coin is up 45% in the past month, compared to a 15% increase in bitcoin.

“At this pace, we could see the digital currency go up to $50 in about 14-21 days. We could face a correction along the way, but there is likely to be an uptick in growth at this time,” Mazur said.

Chainlink supports correlation tokens and offers smart contracts much like the ethereum network. The company said in a tweet Last week, 76 new integrations were registered on the network in August, bringing the total to 755. On any blockchain like ethereum.

“The demand for chain links appears to be increasing, as well as their utility,” Mazur said.

“In addition, the growth recorded in the past month highlights the importance of the token continuing to print, extending its leadership as the first network to allow off-chain data to be integrated into smart contracts,” he added.

Ether was last up about 0.6% at $3,943 while other altcoins like XRP were up nearly 8% to $1.37, and the Polkadot point was up nearly 2.0% at $34.25.

Cardano’s ada hit record highs last week ahead of this month’s “alonzo” network upgrade, but lagged behind the rest of the crypto pool, falling 0.4% to around $2,856.

“Now among the favorites for crypto enthusiasts are Ethereum and Cardano, which have shown impressive results lately and are going through the hard fork era,” Mazur said. “Ethereum has already been updated, and the Cardano update is coming.”

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