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Chainlink’s LINK Crypto Price Surges to a New All-Time High, Signaling a Strong Altcoin Season

Chainlink has surged to an all-time high, $8.48, as recent new partnerships have instigated its bull run. Likely factors that pushed the crypto into its strong momentum were recent high-profile partnerships, price discovery, and the strong altcoin market.

Chainlink (LINK) has reached its risen by more than 34%, reaching its new all-time high and a market capitalization of $2.5 million. A week earlier, on July 6, LINK’s price also hit a record high at $5.31, which at the time, entered a price discovery phase which led to a new rally among investors.

Cane Island Digital Research previously analyzed LINK and predicted that the cryptocurrency would reach $8 by December 2020, and LINK has already exceeded this expectation.

Chainlink has been one of the major beneficiaries of the rise of decentralized finance (DeFi) in 2020, has it has been chosen to provide decentralized oracles services to a range of applications.

Chainlink’s recent surge in partnerships caught the eye of former NBA player

Chainlink recently partnered with crypto lender Nexo, a platform that has over 800,000 users who will implement the Oracle solution presented by Chainlink. Nexos provides loans in US dollars, and other currencies backed by digital assets. With this partnership, Nexos would be able to use Chainlink price feeds to ensure borrowers have enough collateral to secure their loans.

According to former NBA player Kris Humphries, since April 7, Chainlink has had over 45 additional partnerships — including with China’s Blockchain Service Network (BSN). Humphries made a comment saying that in a world that “increasingly relies on data,” Chainlink would be influential in transitioning the world to decentralized and blockchain-based systems.

China’s Blockchain Service Network integrated Chainlink Oracles into its ecosystem. According to Yifan He, CEO of Red Date Technology and BSN co-founder, Chainlink was initially the top choice for BSN; however, the network was convinced by the strength of Chainlink’s community and team.

Recently, Cardano’s ADA cryptocurrency has also surged dramatically, reaching a two-year high on July 8. The recent surge in ADA price has pushed rankings up, surpassing Chainlink’s LINK, and VeChain’s VET. While its market capitalization remains lower than Bitcoin and Ethereum, Cardano’s ADA has surpassed Bitcoin Satoshi Vision (BSV), which currently ranks the seventh.

Worries of a dump ahead

Whale alert tweeted today regarding 1 million LINK tokens, worth almost $8 million, were transferred from an unknown wallet to Binance. In a previous tweet, Whale Alert also found that another 1 million LINK tokens were transferred from Nexo to an unknown wallet.

The crypto community on Twitter has been worried about a possible dump, saying that a dump could be coming and that the rally was nice while it lasted.

Top Banks in South Korea Select CenterPrime And Chainlink To Bring FX Rates Data to DeFi

In South Korea, leading commercial banks have selected local fintech platform CenterPrime and Oracle system Chainlink to bring foreign exchange rate data feeds from local banks to the decentralized finance (DeFi) space. CenterPrime has access to the Korean open banking API that streams foreign exchange data from several local banks in the country.

Developing Country’s Perspective

Such integration would see CenterPrime share foreign exchange rates from leading Korean banks, including the Industrial Bank of Korea (IBK), Ngonghyup Bank, Shinhan Bank, and Hana Bank to Chainlink’s decentralized oracle network.

Access to foreign exchange rates would be enabled in Korea’s local currency Korean Won. The price feeds would include Korea Won (KRW), China Yuan (CNY), Euro exchange rate (EUR), US dollar (USD), and many more.

The data would be accessible for DeFi service providers operating in the network, thus allowing them to access decentralized exchange rate data when creating smart contracts on blockchain platforms.

The development would bring more Korean users to DeFi while DeFi service providers would be leveraged as their exchange rates are provided by top commercial banks.

The development opens floodgates for a tremendous expansion in blockchain-based fintech applications operating DeFi and cross-border applications that build unique home-group products priced in the local currency Korean Wons. The development also transforms the capabilities of fintech and open banking services, therefore, bringing breakthrough innovations for the fintech industry in the country.

This is the first time in history that has happened in which blockchain apps would have the capability of accessing decentralized foreign exchange rates compiled by leading banks in South Korea.

Saving Traditional Finance with DeFi

DeFi has created a new wave of innovation that is shaping traditional finance. Just like Bitcoin is a peer-to-peer-cash, the DeFi system is a peer-to-peer service that functions without the need for intermediaries. With such a peer-to-peer electronic financial instrument system, projects are using blockchain and cryptographic tokens to enable anyone to own, transfer, and issue financial instruments.

South Korea is one of the most advanced and largest economies in the world. The country has one of the highest rates of cryptocurrency adoption in the globe. Having access to the decentralized data from the traditional financial markets makes the country set to expand the base of the DeFi use case.

Chainlink (LINK) Massive Bull Run Rallies to Another New All-Time High, Up 700 percent in 2020

Chainlink (LINK) has surged by 52 percent in the past 24 hours, reaching its new all-time-high at $13.8799.

Chainlink’s LINK price declined and showed a correction on Aug. 5, however, the current uptrend has proved to be strong. While LINK has attempted to reach $14, most other altcoins are in the green, meanwhile Bitcoin is hovering around the $11,700 level.

Decentralized oracle network Chainlink’s native cryptocurrency LINK has been one of the best performers in 2020. Chainlink’s price was about $1.73 at the start of 2020, and surged 700 percent in just eight months, with a 60 percent return on investment (ROI) in the past week.

Chainlink managed to climb up the market capitalization ladder, reaching the sixth place on CoinMarketCap. According to crypto analytics company Santiment, Chainlink has reached a record high in active addresses, over 15,600.

Chainlink has been one of the major beneficiaries of the rise of decentralized finance (DeFi) in 2020, as it has been chosen to provide decentralized oracles services to a range of applications.

The crypto community on Twitter was previously worried about a possible dump, as Whale Alert tweeted that 1 million LINK tokens were transferred from an unknown wallet to Binance.

Former NBA player Kris Humphries pointed out that Chainlink had over 45 additional partnerships as of April 7, and said that Chainlink would be influential in transitioning the world to decentralized and blockchain-based systems.

China’s Blockchain Service Network also integrated Chainlink Oracles into its ecosystem. According to Yifan He, CEO of Red Date Technology and BSN co-founder, Chainlink was initially the top choice for BSN; however, the network was convinced by the strength of Chainlink’s community and team.

However, this time, Chainlink (LINK) price surge was potentially due to the squeeze of short contracts in the futures market. In the futures market, funding stayed below 0 percent, while LINK’s price rallied, which indicates that many traders were attempting to short the cryptocurrency.

Cryptocurrency trader Benjamin Blunts commented on the recent Chainlink rally:

“I actually would be inclined to start looking for shorts soon, however, it seems my entire feed is doing the same. so I will wait for another push higher I think, not really interested in standing in front of the strongest, fastest horse right now.”

Band Protocol (BAND) and Chainlink (LINK) DeFi Tokens Outperform Bitcoin by Gaining 100%

With the recent boom of the decentralized finance (DeFi) industry, DeFi tokens have undergone more than a 100% gain on the crypto market over the past few weeks, outperforming Bitcoin.

Altcoin Season

Recently, with the growth of the DeFi industry, Band Protocol (BAND) and Chainlink (LINK) have been recorded to soar by 348% and 88% respectively, outpacing Bitcoin’s surge. The DeFi tokens bull run took effect in the span of 10 days. Since the beginning of this month, cryptocurrency BAND was recorded to peak at $17,78 from $3.9, and LINK rose from $7.6 to $14.45.

As for Bitcoin, the cryptocurrency surged past $12,000 on the market. However, according to Holger Zchaepitz, the global stock market has reached what experts call a “bubble territory,” which refers to an economic situation where asset prices experience a surge, before eventually falling back down in stock pricing.

2020, The Year of DeFi

Market experts point to the increasing popularity of decentralized finance apps (Dapps) and the growth of the DeFi sector to explain the sudden surge of Band Protocol (BAND) and ChainLink (LINK).

The boom of DApps enables avid crypto investors to trade, loan, and earn interest from cryptocurrency transactions easily and rapidly. Band Protocol (BAND) and Chainlink (LINK) both run on the oracle blockchain network, which is the underlying technology used to leverage DApps. On CoinMarketCap, ChainLink (LINK) was also recorded to have reached sixth on the market capitalization ladder.

Crypto data analytics firm Messari also explained BAND’s bull run by pointing at LINK’s trajectory. Their crypto experts pointed out that ChainLink might have spurred its counter rival’s growth on the market by stating:

“BAND has recently taken a page straight out of the LINK handbook with a slew of partnership and integration announcements, including a Coinbase Pro listing. Up over 32x on the year, its relative valuation play and anchor to LINK has worked so far.”

As BAND and LINK cryptocurrencies operate on different blockchain networks, they support separate DeFi ecosystems, which run on Ethereum blockchain.

Ethereum, A Big Player in The DeFi Industry

Ethereum has been having quite a year. With the recent launch of Medalla and the blockchain ecosystem celebrating its 5-year anniversary recently, Ethereum has been making headlines left and right. Its native cryptocurrency Ether also experienced a recent surge on the market, with investors hoping for it to push past the $400 mark.

At the time of writing, its cryptocurrency Ether is trading slightly north of $390. Ethereum is reputed to have the most DeFi applications run on a blockchain, leveraging smart contracts rather than an intermediary.

Chainlink Flippens Bitcoin Cash by Market Cap, DeFi Push May Take LINK Price Even Higher

Despite a slight correction seen in the last few days, Chainlink (LINK) has continued to rally higher, reaching another new all-time-high, almost reaching $17.

Chainlink has set a new all-time high, the third time in less than two months, reaching $16.98 on Binance. LINK has surpassed Bitcoin Cash (BCH) by market capitalization and claimed the number 5 spot on CoinGecko.

Cane Island Digital Research previously analyzed LINK and predicted that the cryptocurrency would reach $8 by December 2020, and LINK has already exceeded this expectation. According to crypto analytics company Santiment, Chainlink has reached a record high in active addresses, over 15,600.

Investment analyst Timothy Peterson previously predicted the Bitcoin Cash flippening, back in mid-July, before Chainlink showed promising gains. He said that LINK would eventually be worth the combined value of Bitcoin Cash and Bitcoin SV (BSV) in terms of market capitalization. He tweeted:

“#ChainLink is a young & promising iteration of Blockchain 3.0 with practical application to nearly every industry on the globe. $BCH and $BSV are cult-of-personality based Blockchain 1.0 that will by washed away by digital fiat. $LINK mktcap should be worth twice these combined.”

Will LINK edge out Tether and XRP?

The decentralized finance (DeFi) space has seen massive growth this year, which could be due to the reasons the demand for oracles, including Chainlink and Band Protocol have spiked. In June, the total value of locked in DeFi protocols have surged by four-fold.

At this rate of injection of capital and steady double-digit gains, Chainlink could be gunning for Tether or even Ripple (XRP)’s spot in terms of market capitalization. However, for LINK to have a chance to flippen Tether at its current market cap at $10.06 billion, Chainlink must be valued at around $28.9. To overtake XRP, Chainlink would need to be valued at $36.53 at Ripple’s current market cap of $12.84 billion.

Peterson said that Chainlink could be valued at $32 by the end of 2020, but prices above $32 might not be sustainable. He added:

“Did some quick analysis of Chainlink’s network growth rate and historical deviations in price put LINK at $32 by the end of the year, but that price would not be sustainable. Investors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.”

Chainlink (LINK) to See Potential Correction as Investor Sentiment Show Concerning Signs

Chainlink (LINK) has been one of the best-performing cryptocurrencies in 2020 and has seen a 20% surge in the past 24 hours. Chainlink has set a new all-time high, the fourth time in less than two months, reaching $17.59 on Binance.

LINK also flippened Bitcoin Cash (BCH) by market capitalization and claimed the number 5 spot on CoinGecko yesterday. Investment strategist Timothy Peterson said that Chainlink could be valued at $32 by the end of 2020, but prices above $32 would not be sustainable.

Although Chainlink’s price has rallied this year, Chainlink investors are increasingly uncertain bout the asset’s bullish trend. According to Santiment, a blockchain analytics firm, speculative interest has exploded and it has seen some concerning signs:

“$LINK is up a whopping +68.7% in the last week. However, we are seeing signs that investors are becoming increasingly uncertain in its prolonged rally. Speculative interest has exploded, and we’ve looked into some concerning signs for the #1 trending coin.”

Santiment added that there are three crucial metrics regarding the future of LINK’s price, including deposits into exchanges, daily active deposits, and Chainlink’s mean dollar invested age metric.

LINK deposits in exchanges have reached an all-time high, meaning that a lot of Chainlink holders are looking to liquidate their position in LINK, while the daily active deposits in LINK has also seen a surge. Chainlink’s mean dollar invested age metric has been plunging; this trend was seen near LINK’s February 2020 highs.

Cryptocurrency fund Zeus Capital also expects Chainlink to plunge exponentially, saying that the end is near:

“$LINK’s fully diluted market capitalization already exceeds the one of industry leaders like Dropbox, Western Union, and Lufthansa. Users will never pay north of $12 per data retrieval. Speculative buying is a textbook example of a bubble. The end is near.”

Previously reported by Blockchain.News, in mid-July Whale Alert, tweeted regarding 1 million LINK tokens, worth almost $8 million, were transferred from an unknown wallet to Binance. In a previous tweet, Whale Alert also found that another 1 million LINK tokens were transferred from Nexo to an unknown wallet.

The crypto community on Twitter has been worried about a possible dump, saying that a dump could be coming and that the rally was nice while it lasted.

Chainlink (LINK) Hits $20 ATH as Developer Activity Goes Through the Roof, DeFi-ing Expectations—What’s Next?

Chainlink has had its year in 2020, reaching multiple all-time highs, at hitting $20 on Binance on Aug.16. On the other hand, Chainlink (LINK)’s developer activity has seen a surge, according to Github’s barometer.

The altcoin market has been more volatile than Bitcoin, with Chainlink hitting countless all-time highs, and flippening Bitcoin Cash (BCH) by market capitalization. Bitcoin’s price has remained calm, making a few moves towards $12,000, but struggled to surge past the threshold.

Chainlink (LINK) has defied investor expectations so far, touching new highs, including its developer activity. According to digital asset ranking platform CryptoMiso, Chainlink’s developer activity has soared, reaching GitHub commits of 4,189—ranking first, almost double of Bitcoin, which has 2,452 commits, ranking sixth.

The surge in Chainlink developer activity could be due to LINK’s new price highs, as DeFi has seen a massive growth this year. Although Chainlink has been massive bull runs, not all of Chainlink’s investors believe this trend will continue. Chainlink’s high developer activity means that the project is well-maintained, compared to the other projects in the crypto market that are less lively and abandoned.

Cryptocurrency fund Zeus Capital also expects Chainlink to plunge exponentially, saying that the end is near:

“$LINK’s fully diluted market capitalization already exceeds the one of industry leaders like Dropbox, Western Union, and Lufthansa. Users will never pay north of $12 per data retrieval. Speculative buying is a textbook example of a bubble. The end is near.”

Dave Portnoy bullish on LINK

Recently, internet celebrity Dave Portnoy tweeted, “LINK to the moon,” gathering bullish momentum in the crypto industry. Dave Portnoy also wants Bitcoin to “go to the moon.”

The American internet celebrity reached out to the Winklevoss twins through his Twitter account and asked them to educate him on Bitcoin (BTC) and how to trade and invest in it properly.

Investment analyst Tim Peterson said that Chainlink could be valued at $32 by the end of 2020, but prices above $32 might not be sustainable.

End of Chainlink’s Bull Run? LINK Developers and Whales Dump Tokens

Chainlink has caught attention from investors in 2020, reaching multiple all-time highs, in the past month, with the support of the DeFi craze. Chainlink (LINK) recently hit $20 on Binance and has surpassed Bitcoin Cash (BCH) by market capitalization before taking a dive.

Chainlink’s developer activity has also reached a new high, ranking first on CryptoMiso, “DeFi-ing” investor expectations. However, this bullish spike did not last long.

Chainlink’s price plunged 20 percent in the last few days, currently trading at the $15.53 levels at press time on Binance. Chainlink (LINK), now the fifth-largest cryptocurrency by market capitalization, has suffered a severe blow in the past few days, even with analysts stating that the cryptocurrency would continue its bull run.

LINK was said to be on its way to take Tether and Ripple’s spot in terms of market capitalization, however, Chainlink’s price would need to be valued at $36.53 to overtake Ripple.

Chainlink’s price plunge is said to be due to LINK’s developers, as they have sold $40 million worth of LINK this month according to the blockchain analysis. Chainlink developers have been moving 500,000 LINK every week, moving them to Binance and some via over-the-counter (OTC), then to Binance.

The address shows that 4 million LINK were sold in the past 3 months which roughly amounts to $60 million.

On the other hand, on-chain data showed that this trend could just be normal market movement, with investors trying to make profit after the massive bull runs in the past few weeks. This could mean LINK whales are moving out of the network. According to Santiment, LINK’s holder distribution chart showed that the number of addresses holding 100,000 to 10 million LINK has already been on a steady decline since the start of this month.

Crypto analyst Josh Rager said that a slight correction in Chainlink’s price was expected, and addressed “LINK marines,” devoted Chainlink supporters:

“LINK has been so bullish, pullbacks expected but I expect to see this back above $20 sooner rather than later.”

Previously reported by Blockchain.News, cryptocurrency fund Zeus Capital expected Chainlink to plunge exponentially, stating that the end is near. Whale Alert previously tweeted that 1 million LINK tokens were transferred from an unknown wallet to Binance, in mid-July. Perhaps LINK developers were already cashing out on LINK in July when Chainlink hit its all-time high at $8.48 at the time.

Chainlink (LINK) to Expect a Bullish Trend Reversal After Recent Crash? Price Predictions are Mixed

Chainlink has had its year in 2020, reaching multiple all-time highs before slumping back to the mid $15 levels this week. Plunging 20 percent from its all-time-high in 2020, analysts have mixed feelings about the future of Chainlink.

At press time, LINK is trading at $15.20 and has been trading sideways. Chainlink has remained on the Top 10 list of cryptocurrencies by market capitalization, however, Bitcoin Cash (BCH) is now back on top. LINK previously flippened Bitcoin Cash by market cap, taking the fifth place according to CoinMarketCap, but has since dropped back to sixth place.

Given LINK’s latest bearish trend, analyst Nicholas Merten predicted that LINK will continue this downtrend. He recommended to LINK investors that they should start taking profits, before LINK gets a potential pullback. He explained in a new episode of DataDash:

“Again, I’ve emphasized the point here that as much as I don’t want to fight the trend here – I’m not trying to short this – if you hold some LINK, I wouldn’t say to just sell it all or anything like that, but start raising a stop in this case on some of your position. Take a partial share. Consider here that we might start to get a little bit of a pullback here.”

Merten added that LINK whales may start liquidating their positions to make profits. Chainlink’s recent price plunge was said to be due to LINK’s developers selling tokens, as the developers have been moving 500,000 LINK every week.

On the other hand, on-chain data showed that this trend could just be normal market movement, with investors trying to make a profit after the massive bull runs in the past few weeks. This could mean LINK whales are moving out of the network.

Positive price predictions for Chainlink

Chainlink has seen an increase in volatility in the past weeks and has influenced the market from mainstream media attention to Barstool Sports founder Dave Portnoy. Although analyst Merten believes that there is an inevitable bearish drop to come, many still believe Chainlink still has the strength for a bull run.

On-chain data showed that Chainlink’s slump will be followed by a bullish trend reversal, according to blockchain analytics firm Santiment. Santiment wrote:

“Coinciding with the bottom of LINK’s rare major 16% drop (which many are referencing as THE dip buy opportunity), the largest token age consumed spike in 3 months occurred ~7 hours ago. Price is volatile, as is the corresponding result of these spikes.”

Others in the LINK community believe that LINK whales have increased their balances, and will continue to purchase more LINK. The recent correction only acted as a buying opportunity, according to LINK marines, and some expect a bullish signal after the recent crash.

Barstool Sports Founder Dave Portnoy to Dump Bitcoin and Chainlink (LINK) After $25,000 Loss

Online sports celebrity and founder of Barstool sport Dave Portnoy announced that he might be quitting crypto trading, after purchasing $200,000 in Bitcoin and a huge quantity of other cryptocurrencies such as Chainlink (Link) just a week ago.

Portnoy took to his Twitter account on August 21 and said that he sold off all of his holdings in cryptocurrencies, which he recently bought on August 13. He stated that he now owns zero Bitcoin (BTC).

Panic Selling Ruins Bull Run

Portnoy hosted the Winklevoss twins at his home on August 13, who explained to him thoroughly how cryptocurrency trading works. The meeting event enabled the Gemini co-founders to introduce Portnoy into crypto trading. Cameron and Tyler Winklevoss not only explained the basics of Bitcoin to Portnoy but also taught him how to trade on the Gemini cryptocurrency exchange.

Portnoy had already deposited $250,000 into his Gemini account before the twins had arrived. The meeting with the twins then resulted in Portnoy investing $200,000 worth of Bitcoin and allocating $50,000 to Chainlink (LINK). A few days later, he boasted on social media, touting that he was the king of Bitcoin after gaining $98,000 in profits from BTC cryptocurrency.

He then began to annoy Bitcoin users by trying to promote small-time altcoin Orchid (OXT) on social media and urged his followers to buy the cryptocurrency. Since Portnoy has more than 1.7 million followers on social media, his promotion of the cryptocurrencies appears to have influenced the valuation of certain cryptos on the markets. But the more seasoned crypto investors on Twitter did not seem to take the bait.

Portnoy’s purchase of $50,000 worth of Chainlink token (LINK) did not go as planned as the altcoin saw a 30% decline amid a market correction for the decentralized oracle network. This resulted in a loss of $25,000 for the “Davey Day Trader”, an incident that angered him. Consequently, he announced that he might well be done with cryptocurrencies, for good.

Common Trading Tips Traders Ignore

The rule of “buy low” and “sell high” is the basic formulae for trading. This applies to a pattern of crypto prices, which shifts between certain price points. Portnoy appears to not have followed this simple rule, with Bitcoin bulls such as crypto analyst Scott Melker criticizing the Barstool Sports founder for his market trading tactics. Certain analysts referred to Portnoy’s “pump and dump” strategy as was criticized by Bitcoin bulls such as devaluating for the crypto community.

This case scenario seems to be of bad timing and unfortunate, as Portnoy purchased cryptocurrencies at the top of the current bull cycle, but panicked when the assets began to decline in value on the crypto market.

His initiation into cryptocurrency trading has put a spotlight on the reality of price volatility that still exists in markets. The crypto community responded by labeling him as weak for not being able to tolerate the downsides of cryptocurrency trading.