Chainlink Is Soaring Finally, Up 40 Percent In A Week
After a slow go of late, Chainlink is finally climbing up the charts.
Covered:
- Chainlink Up 40 percent The Past Week
- The Oracle’s Rise In Relation To Rest Of Market
- LINK and NFTs
Chainlink Up 40 percent The Past Week
Chainlink YTD chart. Credit: CoinMarketCap.com
Chainlink (Ticker symbol: LINK) is up 40 percent the last week, and 15 percent in the last 24 hours. The oracle blockchain is trading in the $35 USD range.
Chainlink’s rise coincides with an overall healthy crypto market that’s up 1.6% the last 24 hours. In particular, Bitcoin is breaking through the 51k resistance level.
Chainlink is still relatively far off from its all-time high of $53.88 on May 10th. Chainlink was hit harder during this bear stretch than some other altcoins. The oracle fell as low $13.42 in July. It has since rebounded nicely. LINK’s market cap is up to 16 billion, which puts the smart contract connecting chain in 12th place on the charts, ahead of such big names like Bitcoin Cash and Litecoin.
Perpetually Underrated
Recommended: “Chainlink is a decentralized blockchain platform that is built upon the Ethereum network. It aims to solve the problem of the connectivity of smart contracts with the “real” world.” For more on Chainlink and how it works, check out our guide.
One of the prevailing narratives around Chainlink is that it’s perpetually underrated. And it’s true. As far as utility goes, Chainlink provides a very important service connecting smart contracts.
And in terms of competitors in their space, LINK is far ahead. Chainlink’s partnerships and integrations are extensive. To say the least.
Chainlink integrations Credit: https://www.chainlinkecosystem.com/ecosystem/
In particular, Chainlink is heavily involved in the Ethereum world, which is by far the biggest player in the smart contract space. Not to mention, Solana, a smart contract upstart, is also integrating Chainlink.
However, Cardano appears poised to focus on integrating its own native oracle Charli3. But, that won’t be the case necessarily across all of Cardano. IDO project Cardstarter is integrating Chainlink, for example.
Chainlink And NFTs
An underrated part of the recent rise of Link is its role in NFTs.
The latest trend in NFTs are large 10,000+ collections of programmatically generated pieces of art. Each image has a list of different attributes, some more rare than the last. These programmatically generated works create scarcity for these pieces, which results in sky high prices for projects like Bored Ape Yacht Club.
For example, there are only 42 Bored Apes with a black suit. The floor for a black suit ape is 320 ETH. That’s about about $1,250,000, as of press time.
In order for these programmatically generated NFTs to function as ERC-721 tokens it needs to be funded by LINK, which Patrick Collins explains in his tutorial.
Considering Link’s role in NFT creation, and it’s dominance as an oracle, it appears the oracle is well-positioned to get back to its all-time high.
The post Chainlink Is Soaring Finally, Up 40 Percent In A Week appeared first on CryptosRus.
Text source: CryptosRus
