For those eager to address the crypto skeptics, 2024 might be the best year to do so. No one expected the push in crypto we’re seeing in January alone. In stunning fashion, the crypto market continues to scale upward. In the first quarter of the new year, we see bitcoin at $43,118.40 and even ether hitting $2,308.46. Among these popular tokens, how could we ignore LINK’s rise past $17?
What Is the LINK Token?
Behind the rising LINK token is the impressive blockchain called Chainlink.
Driving this network is a philosophy that focuses on the existing data outside of the blockchain industry, which needs to be accessed to make blockchain more compatible in everyday life. This philosophy is driven by what’s called oracle technology. Chainlink is an oracle network, but its value is built atop Ethereum, making the architecture’s native crypto a profitable ERC-20 token.
To ensure a safe link between the Ethereum network and any existing data outside of it, Chainlink uses the security of smart contracts. Doing so allows it, as well as developers, to communicate with outside networks of data. Though other blockchains work to achieve the same thing, Chainlink holds an impressive stance in the oracle marketplace, and its recent price reflects it.
What Recent Price Action Says About LINK
Critics are still standing in awe. Since April of 2023, we all thought LINK had reached a notable climax. Its more recent high of $18 has proven us wrong. The crypto pushed even higher after it recorded an aggressive bull rally just 22 months ago. Yes, a few price dips did happen, but the token’s price surges have overshadowed those downfalls.
We even saw a 30% gain in value take place during the last week of February, and those involved are poised to see the token reach higher. The potential here is surreal, for similar price jumps took place in bitcoin and other crypto. Could 2024 be the best year for crypto as we know it? With blockchain fighting for acceptance in society, there’s no reason to assume that it’s slowing down anytime soon.
What the Data and Analysts Have to Say
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Though hovering just at $18 per token, analysts had price predictions of LINK around $19.50. Of course, the crypto market, like stocks and currencies, bleeds volatility. Any future rally could lead LINK to not only reach but settle well over $25. Twenty five, however, is a modest record of the crypto’s potential. Its best rally hit highs twice that amount, so let’s take a look at the following:
- Current Market Capitalization—$10,191,549,389.86 USD
- Current Outstanding Supply—568,099,970 tokens
- Current Trading Volume—$1,617,777,311.56
- All Time High—$52.88
- All Time Low—$0.13
Now, on the flipside of things, the entire crypto and blockchain markets could collapse into catastrophe. We’ve already seen LINK fall to as low as $0.13, and that, today, would literally wipe out anyone’s portfolio that’s invested in this crypto. For the time, we feel an air of optimism as crypto makes a bigger name for itself in 2024. Just do your research before making a move.
The crypto market is full of risks, and you need to avoid being exposed. If you haven’t found a wallet to safely enter the market with, consider a secure wallet by Binance.
