As a seasoned crypto investor with a decade of experience under my belt, I’ve seen my fair share of market highs and lows. However, when it comes to Chainlink (LINK), I’m more than just an investor – I’m a believer. The recent surge in LINK price is not just another pump and dump for me; it’s a testament to the robustness and potential of this project.
Chainlink (LINK), a rapidly expanding blockchain network that facilitates widespread smart contract usage with dependable data, has risen as a leading player amidst the ongoing altcoin surge driven by Ripple Labs’ XRP. This significant altcoin, valued at over $21 billion in its fully diluted market cap and averaging about $6 billion in daily trading volume, experienced a 22.4% growth in the past 24 hours, reaching approximately $22.92 on December 2 during the mid-New York trading session.
Over the last five weeks, the optimistic outlook for LINK has led it to revisit the highest point of this year, achieved in mid-March. From a technical analysis perspective, if LINK continues to maintain these monthly highs and highs, it could signal the start of an ongoing bullish trend.
Additionally, the Relative Strength Index (RSI) is about to surge above the 70% mark for the first time since earlier in the year. If this bullish trend continues, LINK’s price could potentially reach $27 – a level that aligns with the 2.618 daily Fibonacci Extension.
Focusing on $LINK as it aims to surpass its annual peak, showing impressive strength. The Chainlink forces are once again in command. 🚀
— Crypto Rand (@crypto_rand) December 2, 2024
Chainlink Network Yields Strong Fundamentals
According to Coinspeaker, the Chainlink network has expanded significantly and plays a key role in facilitating smooth integration within the expanding multi-chain web3 ecosystem. Over time, this seasoned blockchain system has built essential infrastructure to deliver dependable data sources to smart contract creators.
For example, Chainlink’s data feeds and cross-chain interoperability protocol (CCIP) have been embraced by numerous global companies such as T-Mobile, AAVE, Nexon, GMX, Brazil’s Central Bank, and Swisscom, along with many others. This widespread adoption has resulted in the Chainlink network supporting over $17.3 trillion in cumulative transaction value to date.
21X, a financial technology firm based in Frankfurt, which is creating a blockchain-powered token exchange, has revealed its plans to leverage the Chainlink network for secure and compliant expansion.
As per the announcement, 21X’s blockchain-based trading and settlement system plans to utilize Chainlink standards for seamless, compatible token swapping. Notably, this collaboration with Chainlink is aimed at enabling 21X to provide EU-regulated tokenized trading solutions. These services will be introduced under the oversight of BaFin, Germany’s Federal Financial Supervisory Authority.
…”Beginning in Q1 2025, we’ll unveil our project, 21X, on a publicly accessible, permissionless blockchain. We’re excited to offer our clients and potential customers a wide range of tokenized assets through CCIP. Moreover, Chainlink will ensure the safety and accuracy of pricing data for products listed on 21X, as stated by Max Heinzle, founder and CRO of 21X.
As per Angie Walker, who serves as the Global Head of Banking and Capital Markets at Chainlink Labs, it’s expected that Chainlink’s infrastructure will be instrumental in the continued widespread acceptance and integration of tokenized real-world assets (RWA).
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2024-12-02 22:30