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2019 Review | Chainlink (LINK) Leads, Bitcoin Stands in 6th Position

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Chainlink

Chainlink

After having been in the middle of a directionless muddle for much of 2018, Bitcoin came back with a vengeance this year and went on an excellent rally that took it back to heights that had last been scaled back in 2017.

Bitcoin is the biggest cryptocurrency in the world by market cap and it is the token that ultimately decides the health of the market. However, it would come as a surprise to many that Bitcoin is in fact not the biggest gainer in 2019 so far. While no other crypto can quite match Bitcoin in terms of wealth or influence, it needs to be pointed out that there are 2,500 cryptocurrencies in total according to data from CoinMarketCap.

Chainlink is the Biggest Popular Gainer

According to data on CoinMarketCap, there are five coins that have gained more than Bitcoin this year. The five cryptocurrencies in question are Tierion, Ren, Binance Coin, Chainlink, and Huobi Token. The returns generated by these five tokens this year so far has been nothing short of remarkable and the biggest gainer is Chainlink with a whopping 800% climb. To put the rise of Chainlink into perspective, no other coin in the crypto space managed to rise by more than 400%.

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By contrast, Bitcoin’s incredible run this year so far saw it gain 185% and although it is only 6th on the gainers list, the value added by that rise is the biggest in the crypto market. From a level of $3,764 at the start of the year, the token is now priced at $10.674 and the value it added to its market cap runs into the tens of billions.

Hence, the scale of the rise of Bitcoin cannot be matched by other coins. After the excellent run until June, Bitcoin hit a bit of a roadblock in July and much of August, which saw it losing momentum.

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ChainLink (LINK) is the Top Crypto Performer: Jumps 950% Since May

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Chainlink

Chainlink

The crypto bull run for the majority of 2019 has been one of the biggest news pieces of the year so far, and while Bitcoin went on a run that mirrored the incredible rally from back in 2017, many other cryptocurrencies suffered in the meantime.

However, one of the notable exceptions in this regard has been ChainLink’s crypto token named LINK, which has enjoyed an impressive rally of its own until January.

ChainLink Jumps 950% in Two Months

Back in January, the LINK token had reached its all-time high of $1.50, but eventually, it retreated to $0.50 in May. However, over the past two months, the coin has gone on an astonishing bull run to go up by as much as 950%.

ChainLink has soared all the way from $0.55 in May to its new all-time high of $4.54 (on June 29, 2019).

Strong Fundamentals

Amidst the coin’s bull run, it is also necessary to have a look at some of the important news that could affect its price at a fundamental level. In a development that could have a significant effect not only on the LINK token but also on ChainLink as a company, the firm signed a partnership with tech giant Oracle that could have far-reaching consequences. The collaboration will help ChainLink assist startups to sell data to Oracle’s vast network of customers in as many as 175 nations. The total number of customers currently stands at 430,000.

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However, that is not all. Earlier in June, ChainLink signed an even bigger deal when it entered a partnership agreement with tech behemoth Google. The search engine giant is going to use ChainLink’s special expertise in order to bring in greater collaboration between its cloud-based services and its blockchains.

It goes without saying that a blockchain partnership agreement with Google is a significant deal for any company and particularly one that has its own cryptocurrency. After the news broke in the middle of June, the price of a LINK token soared to $1.95 at one point.

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Chainlink (LINK) Continues to Get Attention, What Next?

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ChainLink

ChainLink

During the course of the incredible crypto bull run that has been experienced this year so far, many coins have managed to make a mark for themselves, but one of those that has remained under the radar is the token Chainlink (LINK). Over the past 30 days, it has been among the best performing tokens among altcoins and has managed to outperform peers like Ethereum Classic (ETC) handsomely.

Notable Gains

At the time of writing, the coin is trading higher by as much as 2% and hit $3.46 on most exchanges. However, it is interesting to note that the coin also enjoyed significant volumes last week, and hit a trading volume of more than $190 million on July 5. Chainlink has a market capitalization of $1.17 billion.

Experts believe that the competition between Chainlink and DASH is going to be a brutal one in the months to come, as both coins try to corner the same market. At the end of the day, they have the same sort of functions, and that will be one of the most intriguing battles to watch in the altcoin sphere this year. If a trader bought LINK tokens around a month ago, then they would have made significant profits provided they cashed in at the end of the period.

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LINK is going to be one of the most intriguing coins to track in the coming days and weeks. In June alone, LINK surged by as much as 270% and left many other altcoins in the dust as it surged along ruthlessly.

Now, the important thing to watch would be an upsurge in the coming days triggered by a case of ‘fear of missing out’ among traders and investors in the crypto world. On the other hand, there are other experts who believe that a pullback could be on the way for Chainlink after a price of $4.70 was hit in the past few days.

Keep your eyes peeled!

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Here are the Key Drivers

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Chainlink

Chainlink

The crypto space is again back in the news after having had a turbulent period in the second half of 2019 and one of the crypto tokens that has come to attention recently is Chainlink (LINK).

Key Drivers

Some market analysts now believe that this little-known cryptocurrency is actually doing much better than Bitcoin, the biggest cryptocurrency in the world by market cap. At the start of the year, Bitcoin had been in the doldrums but the turmoil in the Middle East due to the assassination of an Iranian general by the United States has turned the tide.

BTC slipped below $6,000 at one point but ever since the strike on January 3, Bitcoin has managed to go on a bull run that has sustained over the past days. That being said, the bull run has slowed down a bit over the past few days. Chainlink is currently the 18th biggest cryptocurrency in the world by market capitalization and the token has made significant gains in 2020 so far. Since the beginning of the year, it has gained as much as 25% and since the start of 2019, it has managed to generate gains to the tune of 1,800%.

That is the sort of performance that should make crypto traders sit up and take notice. There can be no doubt that the gains made by the token are not temporary but a case of sustained gains over a longer period of time. Moreover, it represents greater gains than Bitcoin and Chainlink could come into focus among market participants sooner rather than later.

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According to experts, the recent rally in Chainlink is apparently linked to the enthusiasm towards cryptocurrencies in China. As everyone knows, China is potentially one of the biggest crypto markets in the world and the possibilities have created a lot of enthusiasm in the crypto space.

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Polkadot Targets Onboarding Ethereum Ecosystem with Chainlink Oracles

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Polkadot

Polkadot

Polkadot is readying itself for its expected network launch after it announced its integration with Chainlink oracles on February 25. The progress made with the integrations is an indication of a systematic approach that will allow porting with Ethereum infrastructure.

Polkadot Announces Integrations of Chainlink Oracles

The integration of Chainlink oracles is vital in the creation of Polkadot’s decentralized finance and other smart contracts. Chainlink has finalized the preliminary integration on Kusama, which is a Polkadot canary network synonymous with a testnet.

Following the move, Polkadot developers will now be able to get access to external data through Chainlink oracles. This is important, and it will enable most of the more advanced features connected with smart contracts. The nature of the operation of oracles is through the transmission of real-world information to a blockchain in a form that a smart contact will understand and thus act on that data.

Currently, the most prominent use of oracles is for price feeds of crypto and other digital assets. For instance, MakerDo depends on the ETH/USD price feed to create a DAU stablecoin despite being a different and exclusive oracle.

Chainlink will integrate on Polkadot with a committed parachain, which refers to a blockchain chip that has personalized features. The other parachains on the interoperable network will access data from Chainlink chips to power dApps. The heterogeneous sharding approach will help solve most of the common blockchain problems, such as scalability, interoperability, and governance, as well as network security.

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Parity Seeks to Onboard Ethereum Ecosystem Developers

Parity Technologies was the lead developer behind Polkadot because of its unique structure. Gavin Wood, the co-founder of Parity, was also among the co-founders of Ethereum. The Parity Ethereum client is one of the company’s products used in connecting with peers and processing the blockchain.

In December last year, Parity indicated that it will stop the development of its client and spin-off to a decentralized autonomous organization. Parity and the Web3 foundation have been making moves to onboard Ethereum ecosystem developers to their network. The addition of Chainlink indicates that there is a way of porting over Ethereum infrastructure.

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