Should you buy Chainlink in 2023?
Chainlink (LINK) has outperformed other cryptocurrencies, such as Ether and XRP, since the 2017 crypto boom. Over the course of the last bull market, the price of LINK tokens rose gradually from $0.11 to $52.88 per token. As of today, the Chainlink price has changed significantly compared to last year.
Chainlink – what is it?
The Chainlink project uses blockchain technology to integrate real-world data into smart contracts. The decentralized data oracle network is also known as a blockchain.
How does Chainlink work?
Blockchain transactions are irreversible, so verifying all data before executing them is crucial. Cardano and Ethereum can’t integrate real-world data into smart contracts. For this reason, smart contracts need reliable data sources called Oracle networks.
A popular decentralized oracle in the crypto market, Chainlink is one of the best DeFi coins to own, along with Band Protocol and MakerDAO. Unlike centralized oracles, Chainlink relies on a community of decentralized users to verify its data. Smart contract platforms eliminate the need to verify data with multiple parties, which saves time and effort.
What makes Chainlink special?
When Chainlink’s initial coin offering went live at the end of 2017, it was valued at $0.11. Since then, the price of LINK has been mostly up, especially during the summer crypto boom. The cost of LINK peaked at $52.88 on May 10, 2021, and is now worth it.
Tracing Chainlink price history
The circulating supply of Chainlink tokens is over 491 million, translating into a market capitalization. These circulating coins represent only 47% of Chainlink’s total supply of one billion LINK tokens. Thus, Chainlinks fully diluted market cap (full supply times current price) is about $17.8 billion.
Also, the token has a 24-hour trading volume of over $1 billion, which is impressive considering how long it’s been around. The Chainlink cryptocurrency is ranked 23 out of the most valuable cryptocurrencies, with a market dominance of 0.38%.
Prediction of Chainlink’s price
What does the future of Chainlink look like? Well, this is our price prediction for Chainlink.
Chainlink’s popularity, reliability, and huge lead over its competitors have already established its market position. Over the past three years, the token has grown to nearly $3 billion in market capitalization, and it has secured billions in DApps. The company has enjoyed success, but it has yet to become complacent.
Chainlink 2.0
Smart contracts are becoming more popular, and Chainlink makes them easier, cheaper, and more secure. It was recently announced that the token’s developers would upgrade it to a more advanced version: Chainlink 2.0.
Chainlink 2.0 has many advanced features, like off-chain networks built on oracles. Off-chain networks take the computation out of the smart contract platform’s main layer. The network will keep generating value as smart contracts and blockchains rely more on Chainlink’s price oracle. Price prediction will get better as Chainlink’s Oracle network becomes more widely used and relied upon.
The competitive advantage of Chainlink
Cryptocurrencies like Ethereum are smart contract platforms competing for market dominance. MakerDAO, the second biggest Oracle network, is 40 steps behind Chainlink. Furthermore, Chainlink can secure billions of dollars worth of smart contracts, ensuring a strong and stable platform for decentralized apps (DApps).
Finally, Chainlink is one of many decentralized oracles in the industry, with competitors like Band Protocol and UMA. Despite that, Chainlink is the most ambitious, developed, and deployed crypto oracle.
Can Chainlink’s price increase 100x?
One of the best-performing cryptocurrencies, Chainlink, is thousands of times higher than during its ICO.
What does that mean for Chainlink’s price?
Unfortunately, it’s anyone’s guess. That’s not a halfhearted concession. It’s the top oracle in crypto, but there’s no comparison. Coins with circulating supplies like Chainlink have yet to reach $1,000. There’s still a lot of upside potential, though. There’s a reason why decentralized Oracle networks will only grow. Second, Chainlink is trading at a massive discount in 2023.
Conclusion
Now is the time to get a LINK at the lowest price. It is no secret that crypto is volatile, and the LINK price is no different. But experts’ Chainlink price prediction says LINK will keep trending upward. Despite that, major Chainlink price forecasts suggest that it is unlikely to hit its 2021 ATH soon.
ADVT.
