Chainlink, one of the most exciting projects in the field of cryptocurrency economics today, has achieved remarkable success in several ways.
Chainlink is a decentralized Oracle network that obtains information from the real world for blockchains and decentralized applications (dApp) to operate more efficiently and effectively.
Recently, this cryptocurrency has grown significantly among the top 10 projects in terms of market value.
Over the past few years, the emergence of the link chain has been one of the most interesting and significant topics in the cryptocurrency space, and in 2021 it has continued to make extraordinary progress.
The highest Chainlink price has been $ 27.99 so far, which was recorded on March 29, 2021. The total inventory of this token is one billion Link tokens.
In recent months, the value of the link token has gradually increased, and despite the devaluation of the entire market, the price of this token has more than 10 times.
Chainlink ICO was sold in September 2017, during which 350 million Link tokens, or 35% of the total token stock, were distributed.
Another 350 million tokens will be distributed to node operators, and the remaining 300 million tokens will remain with the company for further development.
Link token is mined by selling data and services outside the chain through the API connected to the Chainlink network to become Oracle Node.
LINK tokens are traded at several cryptocurrency exchanges such as Binance, Bithumb, Hubby, CoinBene, Bitrue, Mercatox, and OKEx.
More than $ 1 billion worth of LINK tokens are traded daily and have trading pairs with Bitcoin, Ethereum, XRP, and Tether (USDT).
Chainlink price history
LINK, Chainlink’s native token, started trading in July 2020 at $ 4.70 and Chainlink value reached a record high of $ 8.66 on July 15. The Chainlink price started the next month (August) with a slight drop in the range of $ 7.80. In other words, Chainlink price has grown by more than 186 percent in the last 40 days, by more than 472 percent in the past year, and by more than 4,600 percent in the last two years.
The record value of most cryptocurrencies in the market occurred in January 2018 (December 1996), but when we look at the Chainlink price chart, the growth of this cryptocurrency has been so strange that January 2018 is not visible at all.
Chainlink price chart from the beginning of supply in the exchange
From a long-term perspective, the key role of Chainlink’s network in the future is decentralization, a strong team, large partners, and scheduling to provide a reason for Link’s astronomical growth. But from a medium-term perspective, why has Chainlink reached such a peak in the last two months?
One of the most important factors has been the increase in the Chainlink price in recent weeks, especially projects active in the field of decentralized finance (Defi).
Interested traders who are just entering this space are looking to invest in promising projects. The status of the LINK token as the largest Ethereum-based token in terms of market value, in addition to Chainlink’s technical and social advances in the Ethereum community and other smart contract platforms, seems to have made it a major target for energetic cryptocurrency investors in recent weeks.
Prosperity in the form of cooperation with Defi projects
Chainlink works with small, medium, and large projects, but much of the newfound excitement surrounding the Oracle network owes much to how the network works effectively in the growth of the cryptocurrency defense and economy.
Chainlink, for example, has been Oracle’s link to emerging but lucrative projects in the defense industry, such as Synthetix and Aave. In the Defi Pulse statistical website ranking, Avi ranked third and Synthetics ranked fourth among the largest Defi projects in terms of total value locked in the project (TVL).
In other words, the success of these and other similar projects is the success of Chainlink. They confirm Chainlink’s hypothesis that many projects are reluctant to start their oracles, and that there is a real and growing demand for Chainlink services in the field of defense.
Chainlink Live Chart and it’s status in the Cryptocurrencies market
According to the Chainlink chart, the LINK token, with a market value of about $ 11.52 billion, ranking 11th and accounting for 0.62% of the total market. Based on the Chainlink chart, each unit of Chainlink is currently trading at $ 27.69 and its daily trading volume is $ 874.5 million. As per the Chainlink chart, the Chainlink value has increased by 0.96% in the last 24 hours.
On the other hand, based on the Chainlink chart, the highest Chainlink price on February 2, 2021, was equivalent to $ 36.82, which is currently 24.80% lower than then. The number of units in circulation in Chainlink will be 416.01 million and the total number of units will be 1 billion. Currently, the most active exchange in which Chainlink is traded is Binance.KR exchange with a share of 10.13% of the daily trading volume.
Chainlink value prediction
Chainlink cryptocurrency, with a market value of $ 4,780,000, ranks sixth in the market for cryptocurrencies, according to CoinMarketCap.
The Chainlink value grew by more than 500 percent in 2019, rising in price from about $ 0.3 in early 2019 to more than $ 4.27 in June and $ 1.8 in December 2019. But the year 2020 started well for this cryptocurrency, and despite the huge market decline in March 2020, the Chainlink value gradually increased to the 10th top position of Altcoins. After that, Chainlink price was able to reach 6th place in August 2020. Chainlink price has risen 599 percent this year, from $ 1.4 to $ 19.88. Therefore, considering the growth of Chainlink value during these 3 years, we can say that a bright future awaits this cryptocurrency and its blockchain network.
Wallet Investor is very optimistic about Chainlink price in the future and sees Chainlink value forecast for 2023 as bullish. They think the Chainlink price may reach $ 31 a year. Based on current market conditions, they predict that Chainlink value will reach $ 64 in the next five years.
On the other hand, if we want to make a 5-year price forecast for Chainlink value, we must say that with more people participating in this base currency, extensive reserve fund, and high demand services, Chainlink value seems to be ready to face any challenge. By the end of 2025, we will see its exponential development, and the Chainlink price may suddenly reach $ 500.
DigitalCoin evaluates LINK as a strong investment and expects Chainlink value will reach $ 40.57 in 2023.
The trading website is one of the twenty other cryptocurrency price forecasting websites that has also commented on Chainlink value forecast for 2023.
They expect the Chainlink value to fall to $ 16.64 by August and remain at the same price until May 2023. The forecast goes on to say that the Chainlink value will continue to grow and may even reach around $ 60 by the end of 2025.
According to Crypto Rating, Chainlink is a great short-term investment.
Because Chainlink price is expected to increase by more than 96% in the next six months, bringing the currency to $ 42.16. In two years, the Chainlink value may reach $ 54.27.
According to CoinSwitch, Chainlink price may increase in the coming years. Chainlink value was previously forecast at $ 7 in 2020, even reaching $ 13. It is predicted that by 2025, Chainlink value will go even higher.
Since their bullish predictions are still going on, we have to see how they go.
Finally, according to Coinpedia, the future participation of key investors in the institution may lead to an increase in the Chainlink price.
Therefore, by the end of 2023, Chainlink is expected to trade at $ 48 and reach $ 160 in the future.