ChainLink (LINK): Going Against the Trend in the Bear Market
LINK sees a record low of coins on exchanges, as the project turns into one of the leaders for oracle services.
ChainLink (LINK) has kept an excellent track record while other altcoins and tokens have stagnated, slid or seen their price fall by 90% again. LINK continues to move against the trend, as the next market shakedown saw all other coins lose value.
As of 6:10 UTC on Wednesday, LINK traded at $0.60, up around 3.47% for the past 24 hours. But the real feat for LINK is the gain in BTC prices. Since the lows in July, at around 2,900 Satoshi, LINK has grown to more than 9,500 Satoshi, with no signs of stopping.
ChainLink is one of the unique projects aiming to provide oracles - data sources for smart contracts, with the attempt to create meaningful automation and a connection to real-world business concerns. The crypto community has taken notice of the project’s attempt to secure more partnerships that have made ChainLink a pivotal part of the ecosystem:
The LINK price behavior, however, has been connected to the stagnant price of Bitcoin (BTC), which has led traders to seek opportunities in solid altcoin projects. LINK relies mostly on Binance trading, against BTC and Ethereum (ETH), meaning there is no clear price setting mechanism for a purely dollar-denominated price. One of the risks for LINK is that the BTC price rally may unravel if BTC starts moving again, as altcoin owners will shed their holdings.
ChainLink received another boost from its participation in the Prague Ethereum Devcon at the beginning of November. An additional CNBC feature further boosted the profile of the coin:
The ascent of ChainLink comes at a time when Ethereum-based projects are facing skepticism. One of the reasons is the delayed scaling of the Ethereum network, as well as the low usage of distributed apps (dApps). However, separate altcoins and tokens are making their way and managing to hold onto higher price valuations. ChainLink is now within the top 10 of tokens by market capitalization, a list that features viable projects with more advanced product development or real-life applications.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.