Why Chainlink is Becoming a Preferred Altcoin
What is Chainlink?
Chainlink is simply a blockchain network powered by oracle to intermediate between blockchain technology smart contracts and other programs.
Originally, Chainlink is a decentralized oracle network bridging the gap between the real world and the world of blockchains.
Running on Ethereum codes like many other digital coins, Chainlink’s native token known as the LINK is used to pay the node’s network operators for providing the data feeds.
Occupying the #6 spot as at the time of this writing, Chainlink’s market capitalization ranges within the $3.99 billion band with a daily market supply depth of 350 million LINK tokens.
Chainlink’s push up the chart was powered strategic partnerships in technology with renowned payment systems.
Who is Behind Chainlink?
In September 2017, Sergey Nazarov raised an Initial Coin Offering to the tuned of $32 million creating 1 billion LINK tokens.
About a year later – November 2018, Chainlink acquired Town Crier, an authenticated data feed for smart contracts also known as oracle.
On May 30, 2019, the decentralized oracle provider went live on Ethereum with Chainlink mainnet which enables smart contracts respond to actual events with premium security and reliability.
How Much is Chainlink Worth Today?
Altcoin prices are in real-time
Chainlink claims the #6th spot amongst the top 10 cryptocurrencies revving the market in 2020 after renewed interest by crypto investors a few weeks ago. (Please note that market interplay could change ranking)
Chainlink’s deals surged on the exchange suggesting a bull-run which in turn raised the price of the LINK to a month high of $19.22 in August 15th.
A week after, the LINK/USD broke above the symmetrical triangle opening new opportunities for crypto traders to buy at lower levels (current market price) which is normal.
It is expected that the bulls should resume again after this phase of decline and push the price up to a new high.
Heading towards the last quarter of year, it is expected that the global financial market will rally as portfolio investors make frantic efforts to balance their position. The crypto-market will follow suit in the market interplay creating rewarding opportunities for investors.
Is Chainlink a Good Investment in 2020?
Chainlink is ranked at #6 by Cointelegraph – a single token known as a LINK trades at an average of $11.60 as at the time of this report. Its market capitalization stood at $3.99 billion, about a billion lower than Bitcoin Cash (BCH).
According to MSN in one of its publications “Chainlink is Rising in the Cryptocurrency World…”, the giant news portal buttressed that Chainlink has now entered the fray, with Google Trends indicating people are searching for news about the coin.
A Reddit community has attracted over 20,000 members and— for better or worse—it has been often mentioned on 4Chan’s /biz/ finance board.
Nairametrics referenced Chainlink as one of the fastest growing currencies in the world following positive rallies in recent times. Many investors who own Link tokens are smiling to the bank with 100% ROI.
Why is Chainlink Going Up Continuously in the future?
Chainlink witnessed a remarkable surge in 2020, earlier claiming the 6th spot amongst the top 10 cryptocurrencies before witnessing a bubble burst in late August.
When a financial instrument witnesses a bullish run and gets to its peak, the bear fights back. If a new support level is sustained, it therefore means that the strength of bids outweighs the offer.
Cointelegraph in its publication suggested that the “battle for the top spot has been a tight contest between Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), Cardano (ADA) and LINK, the latter entering the year well behind the other competitors.”
The LINK’s popularity in the U.S and all over the world has earned it a well deserved spot amongst the top 10 cryptocurrencies. This of course is also attributable to its never-ending business partnerships and deals this year, strengthening it financial base and reputation in the crypto-market.
The success of the LINK and the oracle groundwork project have attracted new competition pushing over 2000 other Altcoins behind it. The Bitcoin rush in early 2007 have simmered giving a headway for these new altcoins with a promising future.
This is expected with the quest for better technologically based solutions for advanced peer-to-peer transaction demands, reliability and security on its network.