Bitcoin and cryptocurrencies have seen a surge in popularity in recent months due to unprecedented economic stimulus measures, with some smaller cryptocurrencies seeing massive gains.
The bitcoin price, after quickly rebounding from a coronavirus-induced crash in March, has been treading water at just under $10,000 per bitcoin since May and has been on a slight downward trend over the last year.
However, other cryptocurrencies have soared, including chainlink's link token—now up a staggering 1,000% on May last year.
Chainlink, an ethereum-powered cryptocurrency that trades under the name link, has been boosted by a surge of interest in decentralized finance (DeFi)—the idea that blockchain entrepreneurs can use bitcoin and crypto technology to recreate traditional financial instruments such as loans and insurance.