Chainlink (LINK) is a blockchain-based project that aims to allow smart contract developers the ability to use any existing application as an oracle. This week, ChainLink reached a key price threshold and has since recovered nearly all of its losses from earlier this month. Despite uncertain sentiment in the cryptocurrency markets, ChainLink is positioned well for continued growth over 2018.,
The “chainlink stock price” is the cryptocurrency’s price at the time of writing. The “chainlink price surges, regains important threshold despite uncertain sentiment” is a recent article from Coindesk that discusses the chainlink token’s recent surge in value after it regained a key technical level.
Data oracle on the blockchain Since the local low of $17.33 on December 15th, Chainlink’s token, LINK, has gained some good traction. Despite a negative market attitude against LINK since October, the token has witnessed favorable activity in the last two weeks, according to data from market analysts Santiment.
At the time of writing, the number 18 cryptocurrency by market size is trading at $23.37, just over the important $23 level and up almost 26% from the local low twelve days ago.
Why is LINK on the rise?
The former Google CEO, Eric Schmidt, joined Chainlink as the firm’s new strategic adviser earlier this month, which might be one of three factors behind the current spike. Chainlink and the Internet-of-Things blockchain IoTeX joined earlier this month to “improve real-world connection and empower innovators to construct their ideas and handle complicated challenges that were hard to address previously,” according to a press release.
Finally, Lido, an Ethereum-based liquid staking solution, has launched Chainlink Price Feeds integration. Lido allows users to stake ether on the Ethereum 2.0 Proof-of-Commit chain without having to stake the full 32 ether (ETH) that the protocol requires.
Since ATH, LINK has dropped by half.
LINK hit an all-time high of $52.70 on May 10th this year, but has since dropped 55.7 percent.
Chainlink, the most popular blockchain data oracle, offers off-chain data to on-chain services, which is a valuable service for blockchains that can’t get data from outside the blockchain otherwise. Oracles gather data from a number of sources in a more or less decentralized fashion, such as real-time price feeds from exchanges, and give APIs for developers to incorporate data feeds into on-chain decentralized apps.
Posted in: Analysis, Chainlink
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