The native token of decentralized oracle network Chainlink (LINK) has just claimed a top-five spot in terms of market value.
According to data provider Messari, LINK has overtaken bitcoin cash (BCH) to become the fifth-largest crypto asset by market capitalization in what is affectionately known in the community as a "flippening."
Market capitalization refers to the total number of coins or tokens in circulation multiplied by its spot price and is often used by the community to rank various assets.
At press time LINK stands at $5.76 billion compared to BCH's $5.30 billion in total market value with a 24-hour volume clocking in at $1.05 billion versus BCH's $83.7 million.
A flippening occurs when a top cryptocurrency project overtakes another to steal its spot in the upper ranks. This one was widely anticipated, as LINK is up 32% on a 24-hour basis.
LINK has experienced an incredible rise year-to-date having climbed from $1.80 on Jan. 1 to $16.75 as of press time, according to Messari's data. The surge has been driven by the explosion in the popularity of decentralized finance (DeFi), in which Chainlink's price feeds have become a major player.