- Chainlink network’s CCIP testnet has been subjected to interesting activity like digital coin transactions of the Australian, New Zealand and Singapore Dollar.
- Multiple transactions on the CCIP testnet have bridged stablecoins between the Ethereum and Avalanche chains.
- The growth and adoption of CCIP will likely catalyze Chainlink price recovery in the long term.
Chainlink, a Web3 services platform token, is likely to witness a rally with the increase in activity on the CCIP testnet. Testing of different digital coin transactions is fueling activity on the testnet.
LINK price is in an uptrend since its June low; the altcoin is trading at $7.133 on Binance.
Also read: Pro-XRP attorney predicts XRP likely to hit its all-time high in a Bitcoin bull market
Chainlink’s CCIP testnet records buzz in activity
Chainlink’s Cross Chain Interoperability Protocol (CCIP) is used to securely send messages, transfer tokens, and initiate actions across blockchains. Chainlink launched a single, elegant interface for all cross-chain use cases for projects in its ecosystem.
On July 20, CCIP was made available to all developers across five testnets: Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon.
Some interesting activity happening on CCIP testnet
— ChainLinkGod.eth (@ChainLinkGod) August 5, 2023
Australian Dollar Digital Coin A$DC
New Zealand Dollar Digital Coin NZ$DC
Singapore Dollar Digital Coin SG$DC
Multiple transactions bridging stablecoins between Ethereum Sepolia and Avalanche Fuji using CCIP’s burn-and-mint pic.twitter.com/8aGU1GoNd2
Since its launch, the CCIP testnet has noted interesting activity as the Australian Dollar Digital Coin A$DC, New Zealand Dollar Digital Coin NZ$DC, and Singapore Dollar Digital Coin SG$DC are transferred.
Multiple transactions bridging stablecoins between Ethereum Sepolia and Avalanche Fuji have been implemented using CCIP’s burn-and-mint feature.
CCIP transactions
Chainlink’s CCIP feature drives the altcoin’s adoption among projects and market participants. This could catalyze a recovery in LINK price in the short term.
At the time of writing, the LINK price is $7.139 on Binance, up from its June 19, 2023, low of $4.995.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group, or entity, eliminating the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and increased market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and profits to altcoins in a quest for higher returns, which generally triggers an explosion of altcoin rallies.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Grayscale files S-3 form for Digital Large Cap ETF comprising Bitcoin, Ethereum, XRP, Solana, and Cardano
Grayscale, a leading digital asset manager operating the GBTC ETF, has filed the S-3 form with the United States (US) Securities and Exchange Commission (SEC) in favor of a Digital Large Cap ETF.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH, and XRP brace for volatility amid Trump’s ‘Liberation Day’
Bitcoin price faces a slight rejection around its $85,000 resistance level on Wednesday after recovering 3.16% the previous day. Ripple follows BTC as it falls below its critical level, indicating weakness and a correction on the horizon.
Top crypto news: VanEck hints at BNB ETF, Circle files S-1 application for IPO
Asset manager VanEck registered a BNB Trust in Delaware on Tuesday, marking its intention to register for an ETF product with the Securities & Exchange Commission (SEC).
Solana Price Forecast for April 2025: SOL traders risk $120 reversal as FTX begins $800M repayments on May 30
Solana price consolidated below $130 on Tuesday, facing mounting headwinds in April as investors grow wary of looming FTX sell-offs.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.