‘Wild’ 48 Hours for Chainlink: LINK Up 12%, Multiple Partnerships Announced

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As a seasoned researcher who has closely followed the cryptocurrency market for years, I must admit that the recent surge of Chainlink (LINK) is nothing short of impressive. With its 12% jump within 24 hours and the increasing trading volume, it’s evident that the bulls are taking control.

As an analyst, I’m observing a significant surge in the value of Chainlink’s native token LINK. In just the past 24 hours, it has soared by approximately 12.40%, currently standing at $11.86. This rise comes on the heels of several strategic partnerships the decentralized blockchain oracle network has recently established. As of now, the market capitalization of LINK is a substantial $7.41 billion, with a 24-hour trading volume of $797.37 million.

According to a post by Zach Rynes, Community Liaison at Chainlink, they, together with UBS Asset Management and Swift, successfully carried out a trial aimed at settling cryptocurrency transactions through the Swift network.

The partnership aimed to enable users worldwide to process cryptocurrency transactions using traditional payment systems. In collaboration with UBS Asset Management and SBI Digital Markets, a “Digital Subscription and Redemption System” was developed for tokenized funds. This system facilitates the use of Swift networks for both subscriptions and redemptions.

Additionally, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is being utilized by SBI Digital Markets to establish an all-encompassing structure for the distribution of assets tokenized using blockchain technology, both in primary and secondary markets. This integration aims to link centralized exchanges (CEXs) across different legal territories.

Winston Quek, head of SBI Digital Markets, pointed out that this new framework would empower institutional investors to tap into the potential of blockchain technology for increased efficiency. Moreover, he mentioned that the framework provides an opportunity for simultaneous offerings in both conventional and digital (tokenized) formats.

Over the last month, data from blockchain analysis platform Santiment indicates a staggering 14,450% increase in development activity on Chainlink. This blockchain oracle network has shown remarkable potential, revealing earlier today that it’s collaborating with investment platform ADDX and Australian banking group ANZ Australia on a project aimed at cross-border settlement of tokenized commercial paper, emphasizing privacy-preserving aspects.

As a forward-thinking crypto investor, I’m excited about exploring the potential of seamless integration between Chainlink’s CCIP (Chainlink Chain Data Feed and Oracle Services), ANZ Bank’s digital asset services, and ADDX’s investment platform. This innovative trio promises to demonstrate how an Australian investor can effortlessly purchase or redeem tokenized commercial paper issued on the ADDX platform, thereby bridging traditional finance and the crypto world.

Richard Schroder, the Head of Digital Asset Services at ANZ, expressed enthusiasm about investigating the “privacy-focused functionalities” of Chainlink CCIP and providing their clients with comprehensive private transaction services from start to finish.

Chainlink (LINK) Jumps 12%

Over the last 24 hours, the trading volume for LINK surged by approximately 78.85%, reaching a total of $499 million. At present, its market capitalization stands at an impressive $7.41 billion, moving Chainlink into the 14th position among all cryptocurrencies. In this timeframe, the altcoin experienced a rise from its lowest price of $10.52 to a high of $11.94 before dipping slightly and currently trading at $11.86.

The chart above by TradingView confirms that the Relative Strength Index (RSI) for LINK reads a value of 55.07, which means that the bulls are overall in control and the buying demand for LINK is increasing. A move toward $15 is possible if the market remains in the current bullish state for a long.

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2024-11-06 15:06