High Stakes: Can Chainlink (LINK) Continue To Reward In Crypto?
The price of Chainlink (LINK) has seen a meteoric rise since May and even as ‘big daddy’ Bitcoin recently began reminding the cryptocurrency ‘altcoin’ market who’s boss. Some of these altcoins vary widely in their focus and application, and may never resurface to all-time highs, while many have held up well.
These include the blockchain networks like Ethereum and Eos, attempting to bring public decentralised networks to the mainstream, with programming languages and smart contracts for apps (or dapps) to prove their add-free, monetized properties.
Next Big Step
Their time to bounce back may likely come with any next breakthrough in development or positive announcement.
It may also come with ‘altcoin season’, a period when Bitcoin consolidates and withdraws, and traders skim off profits and spread them into now more sunken projects with promise.
Indeed, crypto traders are used to these market runs and corrections, while each time worrying over what may have changed and noticing what projects could have the potential to be big, longer-term bets…which brings us to Chainlink (LINK).
More On LINK
This last run has witnessed LINK become a strong contender for one of these, where it achieved a boost from both a listing on major US exchange Coinbase, as well as interest from Google.
For any project in this nascent space, this is a golden combination of news, but it’s taken some time and some secretive work by Chainlink developers to get this far. Presently its price momentum has not suffered too badly as Bitcoin retraces and regroups for its next move.
So, there’s time then to research Chainlink.
What we find is a project (literally) linked more closely to Ethereum (and possibly fellow blockchain networks) with their varying governance models or consensus protocols.
That is because Chainlink is one of the very few attempting to bridge the gap between the real world of data and the blockchain level. Its – decentralised and more trusted – ‘oracles’ will be incentivised with LINK tokens to provide trusted data that smart contracts can use. And will the price maintain?
Such a rapid rise may always see a pull-back at this stage, but with the prospect for professionally-run nodes to allow staking of LINK (including entities like Coinbase Custody) the future’s looking good. It may also integrate with more and more networks down this long and winding crypto-path towards better computing infrastructure and faster value transfer. As with Bitcoin it will be fascinating to find out.