Chainlink Price Index – Real-time LINK rate
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Chainlink Price Summary
The Chainlink price today (at the time of writing) was up 13.01% at $9.52 compared to the closing price for the last 24-hour trading session. But viewed from the perspective of the last seven days, Chainlink (LINK) has lost 13.2% of its value. In the last two weeks of trading, LINK is down 23.9% and down 33.0% for the last 30 days. Nonetheless, the decline has not dented LINK’s performance if viewed from the perspective of one year. Over the past year, LINK has gained 445.2% in value.
If you look at the numbers, one could easily get confused because of a performance that is almost erratic for the digital currency. This is not strange, especially when speaking about the cryptocurrency market. Crypto prices are highly volatile, and they could gain or lose a great amount of value within a short period of time, but they may gain to cover the loss the following day. This is why it is important for investors to keep an ear closer to the sounds of the price evolution of cryptocurrency.
Chainlink Price History
Chainlink first appeared in cryptoverse in September 2017 in a white paper conceptualised and written by Sergey Nazarov and Steve Ellis. The white paper proposed an airdrop of 1 billion LINK coins in an initial coin offering (ICO). The ICO raised $32 million at which time one LINK token fetched $0.1940.
For the entire of the ‘2017 crypto summer’, the Chainlink price chart remained flat, almost kissing the rock bottom. This would not change during the entire run of the 2018 crypto winter. LINK bounced, though briefly, to $1.20 on January 09, 2018, but even then, the winter had already set in. Although the crypto winter hindered LINK from rising above the ICO price, it is also possible that the market did not understand the business model of SmartContract. This company owns the Chainlink platform.
This began to change when Chainlink announced some serious partnerships. On June 13, 2019, Google revealed in a blog post that the Chainlink technology could play a key role in linking BigQuery (Google’s enterprise cloud data warehouse) to the Ethereum blockchain network. Following the revelation, the Chainlink price shot up about 238% between June 13 and June 30, 2019.
In October 2019, SWIFT announced a partnership with Chainlink. Meantime, Chainlink made public the Trusted Compute Framework (TCF), a framework aimed at expediting the adoption of blockchain technology. Specifically, TCF would help blockchain networks to boost their computational capabilities while prioritising privacy and scalability for enterprise consumers. The fact that these two major developments coincided pushed LINK price 40% up within seven days afterwards.
But Chainlink as the poster child of decentralised finance (DeFi) seemed to attract many investors during the COVID-19 pandemic period. In August, the LINK tokens peaked at $18.92, the highest price on record. The Chainlink share price also benefits from key announcements such as Teller Finance integrating with the Chainlink protocol.
Chainlink Price Prediction
LINK has performed incredibly well year to date by gaining nearly 435% in value. The Chainlink market expanded by the biggest margin in August 2020, so much that numerous analysts called a LINK bubble countless times. But what many analysts fail to grasp is the relevance of the Chainlink project in the DeFi ecosystem, an ecosystem that is gaining world attention really fast.
Some Chainlink price predictions that have called a burst have mainly dwelt on the fact that over 70% of the tokens are held by nine sharks. Despite this, our Chainlink prediction paints a positive picture, particularly on account of Chainlink’s growing importance in DeFi. By many accounts, DeFi will recalibrate the way finance happens in future. As such, any project that plays a significant role in delivering the revolution should enjoy unprecedented success when the time comes.
In the short term, we believe that LINK can breach the $20 resistance level and even touch $30. This possibility has been accelerated by the economic crisis that was precipitated by the pandemic. Further ahead (in 2021 and beyond), LINK has enough steam to grow past $50, specifically because of increasing potential for blockchain oracles and increasing adoption of DeFi.
Expert Tip on the Price of LINK
LINK belongs to the younger generation of digital currencies built long after Bitcoin. Nevertheless, the cryptocurrency has grown so fast that it ranks among the top 10 tokens in cryptoverse, according to CoinMarketCap. Because of a strong possibility of LINK launching into a long positive trend, investors can leverage this trend by use of technical analysis tools to find the most appropriate entry and exit points. Some useful indicators include the Ichimoku cloud and the Simple Moving Average (SMA).
Chainlink is not your usual blockchain project. The project was started by Sergey Nazarov and Steve Ellis as an oracle, meaning a platform that connects blockchain platforms to data available off-blockchain. Google is already using Chainlink to connect BigQuery to the Ethereum network. Decentralised oracles are at the heart of the DeFi revolution, which means Chainlink is a foundational pillar of the new blockchain-based finance ecosystem. A Chainlink price analysis that accounts for this potential cannot fail to find that the LINK tokens are staring at a future that holds plenty of promise in terms of price growth.
Chainlink Value Compared to Other Cryptocurrencies
Yes. Chainlink’s technology underlies an ecosystem that is going to revolutionise finance in future. Decentralised Finance (DeFi) is already proving that the financial industry can be secure, cheap, easily available for everyone. For this reason, Chainlink price potential is great, and the token is a valuable investment, especially for long-term oriented investors.
Chainlink has only gained global attention during the pandemic period. This is not to say the project was not valuable before, just that the business model of SmartContract (Chainlink’s owner) was perhaps not well understood. Given the great potential, the project possesses, especially in the finance sector, it is safe to conclude that the token is undervalued today.
Yes, and it could happen sooner than we might imagine. Chainlink is growing at almost a similar pace with DeFi. Because DeFi is gaining traction fast, one cannot rule out the possibility of investors realising the future value of LINK and beginning to snap up the tokens in bulk soon. If this happens in 2020, the token might clock $100 before year-end 2020.
The Chainlink price keeps shifting, so the worth is also not fixed. Nonetheless, CoinMarketCap valued LINK at $3.4 billion by market capitalisation at the time of this writing.
Chainlink has had an incredible run for 2020. Since the beginning of the year, LINK has gained 435% in value, and there is a possibility of a further advance. However, this will depend on how Chainlink negotiates the remaining months.
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