Chainlink (LINK) continued its bullish rally amid strong buying pressure in recent days, thereby setting a new all-time high at $25.50 and surpassing Litecoin (LTC) in terms of total market cap to become the seventh most valuable crypto.
What you should know: At the time of drafting this report, Chainlink traded at $25.31 with a daily trading volume of $3.9 billion. It has gained about 20,000 percent since its inception.
- Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.
- Since blockchains by principle can’t have access to data outside their paths or networks, a DeFi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.
Recall some days back, a highly revered crypto strategist, Michaël van de Poppe, listed some crypto assets that might likely overtake XRP as Polkadot did. Michaël, via his Twitter handle, revealed the cryptos expected to surpass XRP.
“Polkadot takes over spot 4 over XRP by market capitalization. Just a matter of time before Cardano, Chainlink, and Litecoin surpass XRP too.”
— Michaël van de Poppe (@CryptoMichNL) January 16, 2021
For enterprises, Chainlink is an abstraction layer that securely connects smart contracts to existing backend systems, massively expanding the kinds of business use cases that are possible, from parametric weather insurance to supply chain tracking.
Should you buy it now?
Many individuals have the impulse to enter a position when the price is soaring. But those support/resistance flips actually give the best entries. Specifically, the first area of concern for global investors is the $25 resistance level, on the bias that some crypto traders anticipate profit-taking amid its impressive run in recent days.