Decentralized oracle network Chainlink (LINK) is up 13% in the last 24 hours. This price increase has caught the attention of the broader crypto market as Chainlink gains the spotlight following the recent announcement of its partnership with Mastercard.

According to a recent release, Chainlink and Mastercard have partnered to enable over three billion cardholders to purchase cryptocurrency directly on-chain. The new partnership with Mastercard would allow payment cardholders globally to purchase crypto assets directly on-chain through a fiat-to-crypto conversion, with Chainlink verifying and synchronizing key transaction details.

This partnership is significant as it represents a huge step forward in the widespread adoption of Web3. Chainlink and Mastercard will power the new Swapperfinance platform, with ZeroHash providing the on-chain service and access to liquidity required to convert fiat to crypto, as well as Shift4 Payments, Swapper Finance and XSwap, with liquidity coming from Uniswap.

Chainlink skyrockets in Bitcoin-led rally

At press time, Chainlink was up 12% in the last 24 hours to $13.31 amid a broader market recovery following a brutal sell-off over the weekend.

Crypto prices are climbing again, with Bitcoin back above $105,000. Other crypto assets, such as Chainlink, are also rising. CoinGlass data shows that around $491 million in crypto holdings have been liquidated in the last 24 hours, with short positions accounting for $376 million.

Chainlink fell to a low of $10.93, last recorded in April, on Sunday following four days of selling before rebounding. Monday saw a substantial recovery in the LINK price, which continued on Tuesday to a high of $13.44.

In the following sessions, traders will be looking to see if Chainlink can maintain its current momentum and reach the daily moving averages of 50 and 200 at $14.66 and $17.49, respectively.