There hasn’t been a day this week that Chainlink (LINK) Don’t surprise us with major moves, but today it hits a new all-time high.
Chainlink points to the stars
Many are probably still wondering: Why has Chainlink been making the news so much? For those unfamiliar, it consists of a decentralized oracle network that aims to connect smart contracts with real-world data and, its token, LINK is used to pay for services on the network.
But, in a much simpler way, “Chainlink is, in essence, a means to bridge the gap between the world of blockchains and the outside world”, Explain Charles hayter, CEO of CryptoCompare.
But it has been so popular in the media because it has become the crypto surprise of the year. In fact, as we reported in CryptoTrend, LINK has had a more than spectacular performance during 2020.
Reaches new high
In this regard, in the last 24 hours LINK has risen approximately 10%, starting the day with a valuation of $ 16.93 to $ 18.67 at the time of writing.
However, just a few hours ago the Chainlink cryptocurrency hit a new all-time high of $ 19.51, according to CoinMarketCap, and $ 19.73 according to Coin360.
So Link flirted with the $ 20 threshold and solidified into the number five position of the largest cryptocurrencies based on market capitalization.
Is Link going for more?
As we reported in CryptoTrend this week, at the time it seemed that the cryptocurrency did not seem to face any barrier that could prevent it from reaching new highs. In fact, a few days later we see how he does it.
However, in due course, we timely inform that Timothy Perterson, a professional analyst, predicted that growth in network usage and historical deviations could take Link to $ 32 before the end of the year.
But be careful, Peterson explains that this price may not be sustainable. So he indicated that “Investors who buy at high levels run the risk of losing 50% or more of their investment.”
Also this week, Santiment released an investigation where it concludes that Chainlink investors could “Being more and more indecisive about his prolonged rally.”
And it is that, certainly, the reach of Chainlink is not limited to DeFi but extends. So no one is surprised that the integrations and partnerships seen have driven the price. But, the question is, how far can it go.