Despite all the hoopla surrounding Bitcoin (CRYPTO: BTC) and the new spot Bitcoin ETFs, the overall crypto market has been trading flat to down for much of the year. In fact, if you take a look at the top 20 cryptocurrencies by market cap, there is only one that's up more than 20% for the year.

Most likely, the name of that crypto will surprise you. It's Chainlink (CRYPTO: LINK), now up 21% in 2024. On the strength of that recent performance, Chainlink has now edged out Dogecoin (CRYPTO: DOGE) to become the #10 cryptocurrency by market cap. At a price of just under $20 per token, Chainlink is close to hitting a two-year high. So is this overlooked cryptocurrency now worthy of a place in your portfolio?

First, let's look at why Chainlink has been soaring of late. While it's possible to point to several short-term technical factors pushing Chainlink higher, the token may finally have a new long-term catalyst in place.

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Source Fool.com