The ethereum-based altcoin is one of the best-performing crypto assets in 2020, grabbing the fifth spot in the largest cryptos ranking by market capitalization last month. Due to its enormous price rally this year (up by 588% YTD), Chainlink made a huge following in the crypto space.
Chainlink is a decentralized network that connects smart contracts on the blockchain to external applications, bridging smart contracts to real-world businesses. The Chainlink Network delivers tamperproof, quality smart contracts, and supports further the evolution of decentralized finance (DeFi).
The LINK token is ethereum-based crypto used as an exclusive payment currency on the Chainlink network. The total supply of LINK token is capped at 1 billion, thus increasing its value over time due to scarcity. There are only 390 million tokens in circulation currently.
LINK’s first major surge happened on August 8 after gaining 25% within 24 hours. This spike is due to a squeeze of short contracts in the futures market. After 8 days, it recorded an all-time high of $20, with LINK’s daily active addresses hitting 15,600.
However, it seemed to meet a strong wall at the $20 resistance and started retracing to $12 as of writing. LINK’s robust performance last month amounted to a 99.61% jump in price. The gushing interest in DeFi is one of the major factors boosting LINK’s price.
Despite some negative predictions on LINK’s rally, Michael Anderson, Co-Founder of Framework Ventures, believes that its price will continue to climb. His positive sentiment branches from Chainlink’s ambition to work with smart contracts and its plan in staking where users can stake their Links as collateral with Chainlink nodes and earn income passively.
The LINK ICO opened in September 2017 and raised $32 million. It was initially sold to the public at $0.11 per token. This year, LINK is one of the top-performing altcoins, with a 588% gain and hovering around $12 per coin. LINKUSD shows bullish signals as it climbs over the 50-, 100-, and 200-day SMA lines.
$1000 SimpleFX Chainlink Promo
SimpleFX would like to welcome LINK traders with our $1000 Chainlink Offer. On September 10–24, 2020, clients with the biggest single deposit amount in LINK and those with the highest trading volumes on LINKUSD can grab a reward from a $1000 prize pool. Check the promo terms and conditions here.
It’s a great time to take advantage of the dips while earning more!
To trade on Chainlink, search “LINKUSD” on the search bar found on the upper left. You can also find it under “Crypto” on the instruments section on the left panel.
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Watch out for upcoming contests and promotions. Happy trading everyone!