Odaily Frontline｜Why did ETH, XRP, LTC and LINK soar this week?

This article comes fromForbesForbes

Odaily Translator |

Forbes

, by Billy Bambrough

Odaily Translator |

Major cryptocurrencies Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Chainlink (LINK) have suddenly surged this week.

The total market value of the four tokens ETH, XRP, LTC and LINK is about 100 billion US dollars, and the increase range of this week is 20%-50%, even exceeding the rise of Bitcoin.

While Bitcoin's growing reputation as digital gold has boosted ETH, XRP, LTC and LINK so far in 2020, trends in other cryptocurrencies have also pushed their prices higher.

This week, the price of Ethereum broke through $500 for the first time since June 2018. While Ethereum is still well below its all-time high of around $1,500 hit in January 2018, its price has nearly quadrupled since March 2020, when COVID-19 crashed global markets.

Bitfinex CTO Paolo Ardoino said in an email, "Ethereum reached $500 for the first time since June 2018, which is an important milestone. Ethereum's imminent transition to PoS is currently being closely watched. Its strong price The performance underscores a sense of optimism that appears to be lifting the crypto space. While Bitcoin is the undisputed king of cryptocurrencies, the thriving Ethereum community is full of possibilities."

Part of the Ethereum community is Chainlink, an Ethereum-based cryptocurrency token that powers a decentralized network designed to connect smart contracts to external data sources.