CRYPTO NEWS AGREGATOR
Mon, Jul 27, 2020 7:09 PM by Sumit Bera

Chainlink: Trick Or Triumph?

Chainlink

This summer, Chainlink has been doing really well, but will it prove to be a good investment in the long run? Read on for Chainlink reviews, analytics, the latest LINK news and forecasts for 2020.

Chainlink cryptocurrency overview

Let's start with a short FAQ session based on the most relevant search queries that will be interesting for both non-blockchainers and advanced crypto users. 

What is Chainlink? 

Chainlink (LINK) is a blockchain-based middleware for connecting smart contracts to external data sources such as data feeds, web APIs, etc.

Who created Сhainlink? 

The cryptocurrency was launched in 2017 by Cayman Islands-based fintech company SmartContract Chainlink Ltd SEZC. This decentralized oracle network is run by its CEO Sergey Nazarov, with the help of the international project team and several advisors

Is Сhainlink a good investment? 

Well, that’s a really tricky question. A long-time top 10 CoinMarketCap resident, Chainlink is number 11 now. Nevertheless, LINK news is a hot topic, as the coin has gained popularity in the crypto community over the last few months. There are several points of view on LINK that we will share in this article.

Chainlink news

Chainlink has been growing since March 13. In July, the coin hit its all-time high against the backdrop of on-chain activity. LINK made it into the top 10, coming fifth in terms of trading volume and leaving EOS and Bitcoin forks behind. 

 

The maximum price is accompanied by a three-month record outflow of coins from exchanges. According to Glassnode, LINK transaction volume hit a 4-month high of $6.6 million.

Glassnode schedule of Chainlink

After each rollback, the token resumes its growth with renewed vigor and is now experiencing the third growth cycle, forming an ever steeper upward support line. 

 

According to researchers from Santiment, long-term and short-term coin holders gained 64% on average on investments. LINK was included in their Emerging Trends list, which historically suggests a retracement of no more than 9% in the next 12 days.

 

Crypto analyst Cole Garner did not rule out the transition to exponential growth in tandem with Bitcoin. On a daily logarithmic chart, quotes for the first time went beyond the trend line, which had previously led to an additional price rise.

 

Both technical and fundamental factors can stand behind the current LINK rally. Buying activity could have intensified after the coin surging 39.5% to a new all-time high on July, 15. The impetus for this could be the announcements of cooperation with Hedera Hashgraph and Matic Network, as well as the Chainlink integration by the infrastructure blockchain platform (BSN) of China.

 

LINK smart contracts are mentioned as a possible component of future Google developer applications in conjunction with Ethereum and Google Cloud. In addition to this, Chainlink collaborated with the Nexo crypto-lending platform. But is it 100% true or is it just a smart advertising trick?

Behind the Chainlink success

So, how has the most discussed crypto project of July 2020 managed to double capitalization in just 10 days? Some analysts believe the company is following its PR strategy. In 2019, LINK token became one of the most successful crypto assets its capitalization grew by more than six times. A large share in the success of the project was its PR: the media wrote that the company became an official partner of SWIFT and Google. This information is actively used in a large number of publications related to Chainlink, but it is not quite true.

 

Both companies limited themselves to only mentioning the capabilities of Chainlink oracles. SWIFT stated that they are working on their own blockchain projects with the involvement of various third-party services, and the news about the partnership with Google grew out of a publication in one of the corporate blogs on Google Cloud, which described the functionality of Chainlink.

Chainlink Google Projects

Nevertheless, it cannot be said that Chainlink deliberately deceives users: there is no official mention of partnerships with these companies on the project website. However, the team representatives clearly do not interfere with the replication of this information, which has such a positive effect on the capitalization of their business.

 

On the other hand, Chainlink's list of partners includes over 150 companies, such as Hashgraph, Polkadot and Matic Network. The aforementioned BSN-related publicity gave LINK a turbo-boost in value.

Chainlink price prediction

The Chainlink team clearly expects that interest in the asset will grow. The company has allegedly begun hiring bloggers to advertise on TikTok. No matter how the story ends, the Chainlink team has chosen the right time to promote their digital asset. The cryptocurrency market is experiencing the lowest volatility in the Bitcoin price over a three-year period. Since the end of April, the value of the world's main crypto asset has been fixed between $9.000 and $10.000. Analysts are sure: it is for this reason that the attention of many members of the crypto community has switched from Bitcoin to altcoins, which makes it possible to quickly cash in on the purchase and sale of crypto assets like LINK.

Chainlink Coinmarketcap schedule

Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. We kindly ask traders to do their own research.


The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.

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