- By Pierre-Alexandre
October 9th, 2019
CHAINLINK token has outperformed several altcoins this year giving its investors over 7x returns since the beginning of 2019.
While several popular altcoins have struggled to create enough buzz in 2019, Chainlink’s LINK token has shown exemplary performance this year. Although the price of LINK token has surged by 75% year-to-date, its major rally was unlocked in June 2019.
If we look at the LINK token price chart from the 1st of June, we can see that the LINK token price has surged 300% from under $1 to moving above $4 within a month.
Although the LINK token has significantly corrected from its all-time high, it still trades at a 100% premium from its price on June 1, 2019.
Over the last week, Chainlink (LINK) is showing massive movement gaining 50% as per Omenics data. At press time, Chainlink (LINK) token is trading at a price of $2.90 with a market cap of $951 million.
This shows that the crypto market bulls have jumped-in massively to get their share of LINK tokens in their crypto wallets, as In the last few months, Chainlink’s performance has beaten several other altcoins. The LINK token has climbed the ranks to become the twelfth-most valued cryptocurrency by market cap.
But before we proceed with knowing the reasons behind this performance, let’s know something in brief about Chainlink.
What is Chainlink
Started in 2017, Chainlink is an oracle service provider that helps to link the blockchain-based smart contract data with other online off-chain data.
The lack of proper oracle service providers has been holding big organizations from adopting blockchain technology.
Chainlink CEO Sergey Nazarov says that his company will help to overcome this bottleneck thereby getting blockchain technology in the mainstream.
To know more about Chainlink’s working, read our detailed and comprehensive article here.
Top Recent Chainlink News
- In an attempt to boost blockchain adoption, the decentralized oracle network Chainlink unveiled the Trusted Compute Framework (TCF). The framework will help blockchains to significantly enhance the computational abilities while simultaneously catering to enterprise requirements for scalability and privacy.
For this TCF project, Chainlink has joined hands with Intel, Hyperledger, and the Enterprise Ethereum Alliance.
Along with @Intel, @Hyperledger, @EntEthAlliance & others, we're excited to present a new Trusted Computation Framework that leverages public blockchains, Chainlink oracles & trusted computing to drive enterprise blockchain adoption. https://t.co/BSGGZJJfwu— Chainlink - Official Channel (@chainlink) October 7, 2019
Alibaba, Santander and Microsoft are all integrating TCF/Avalon. #Chainlink will be integrated in TCF/Avalon. Thus they are all integrating Chainlink. Will add specific quotes in the comments. #crypto #blockchain #hyperledger #ethereum #smartcontracts https://t.co/AxnPENASAX— Gam (@gammichan) October 3, 2019
- The latest price surge is also attributed to Chainlink’s announcement of working alongside SWIFT for a new API-based payments model.
$LINK has now confirmed that they are working with SWIFT on their API based payment system.— Sir None Of YourBUDnez 🇨🇦 (@CryptoAlex420) October 6, 2019
This is HUGE
- Although more details regarding this partnership are yet to be released, the announcement last week has given a massive boost to the LINK token price.
Earlier in June 2019, Google announced Chainlink as its official Cloud Partner. As part of this partnership, Google plans to use “Chainlink oracle smart contract” to establish a bridge between Ethereum-based smart contracts and its data warehousing and business intelligence solution - BigQuery.
Learn how to use Chainlink services to provide data from #BigQuery crypto public datasets on-chain, which helps reduce inefficiencies & enables new on-chain business models to emerge by adding entirely new capabilities to Ethereum smart contracts ↓ https://t.co/yVekclgafQ— Google Cloud Platform (@GCPcloud) June 13, 2019
This big collaboration triggered the LINK token price surge.
- Later in the same month, crypto exchange Coinbase announced trading of LINK tokens on its professional platform Coinbase Pro. Listing on the Coinbase provided the LINK tokens a massive pool of liquidity shooting its price northwards. Recently, Coinbase also announced that New York residents will not get access to the LINK tokens after the NYDFS jurisdiction approved the crypto token listing.
LINK Token Review Using Omenics’ Sentscore
The Omenics’ Sentscore chart shows that the overall market sentiment around the LINK token remains in the “neutral” zone between 4-6, over the last four months.
The news sentiment indicator shows some volatility but remains “neutral” the majority of the time.
The social sentiment indicator fluctuates in accordance with the LINK token price movement but remains “negative” most of the time.
The buzz for LINK token shows a wide variation in the last four months between “more content than usual” and “less content than usual” territories.
The technical chart exhibits massive volatility and is currently in the “bullish” zone.