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Chainlink(LINK) Price Trends

BitForex Editor
Sep 08, 2020

The mere fact that you are reading this right now means you must have an idea or two about the world of blockchain or bitcoins and all that gibberish – or so it sounds. The rate of investment in Chainlink has grown steadily over time but in just one week, the industry has seen a remarkable growth of 68.7% and experts are "becoming increasingly uncertain in the prolonged rally”. For those who still haven’t gotten a hang of what Chainlink is, we shall be going over the concept briefly.

The typical explanation for Chainlink—designated is LINK—is a “framework for building decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs." Still didn’t get it? Okay, listen up.

A Chainlink comprises multiple links and these links are the payment currency for node operators in the market. The token was introduced by Sergey Nazarov following the development of the Blockchain concept by Nakamoto.

Blockchain is a system and it cannot be bought so one of the ways you can invest in it is by purchasing tokens. Chainlink is basically an Ethereum token that gives investors access to the world of blockchain. The most popular token is Bitcoin which is valued at 29592 and Chainlink ranks closely to it although with a huge margin. Bitcoins and other Ethereum tokens in the market have been traded independently because there was no way to connect the Blockchain to the users and this seemed to be going well until an upgrade was sought after.

The “oracle networks” are built on the Chainlink so you can call Chainlink the skeletal body for transactions in the system and you won’t be wrong. The networks constructed become the investor’s passport to the Blockchain planet.

Ordinarily, people cannot have access to blockchains and neither does the Blockchain to real people so a need for a bridge was created. The Chainlink became the bridge but another need was created – the need for a transmitter. Oracle networks were subsequently developed to serve as data feeds for transmitting inputs during contracts. For Chainlinks, the oracle networks generate data using external factors when a contract has been completed.

Now that you understand what Chainlink is in simple terms, it is also good you know what the developers describe it as. “an ERC20 token, with the additional ERC223 'transfer and call' functionality of transfer (address, uint256, bytes), allowing tokens to be received and processed by contracts within a single transaction.”

Cryptocompare, a Blockchain tracking platform describes the relationship between Chainlinks and cryptocurrencies as the “bridge between cryptocurrency smart contracts and off-chain resources like data feeds, various web APIs, and traditional bank account payments."

Regarding the recent spike in Chainlink investment, an expert at Cryptocompare remarks, "Link has seen its price surge enormously in recent months with the ascent of DeFi [Decentralised Finance]—where oracles are particularly useful—and in line with a slew of impressive partnership announcements including Google Cloud and Oracle."

The main objective of Chainlink is to provide a means to handle transactions between the Blockchain and the users securely. The developers of the token say “the Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain.” The website describes the smart contract process in simple terms. “In order to maintain a contract's overall reliability, the inputs and outputs that the contract relies on also need to be secure. Chainlinks provide a reliable connection to external data that is provably secure end-to-end.” - sources - chain link

As a means of connecting people to technology, Chainlink features two ends: one links the token to the Blockchain and the other links people to the token. The oracle then transfers feed from one end to the other without requiring human intervention or support.

As at the time of reporting this, the price of a link had crashed -19.38% to $11.7396 and the Chainlink market cap is valued at $4,394,739,778.

Fully Diluted Valuation is placed at $11,429,468,279.

Max Supply goes for 1,000,000,000.

Previous Close was valued at 12.147.

Maximum supply is 1,000,000,000 and circulating supply is set at 380,000,000 coins.

More information on the figures in the Chainlink industry is provided below.

Chainlink Price $12,43 USD

Chainlink ROI 7 841,47%

Market Rank #6

Market Cap $4 349 773 963 USD

24 Hour Volume $2 029 751 770 USD

Circulating Supply 350 000 000 LINK

Total Supply 1 000 000 000 LINK

All Time High $19,85 USD

All Time Low $0,126297 USD

52 Week High / Low $19,85 USD / $1,51 USD

90 Day High / Low $19,85 USD / $3,68 USD

30 Day High / Low $19,85 USD / $9,40 USD

7 Day High / Low $17,66 USD / $11,27 USD

24 Hour High / Low $14,68 USD / $11,27 USD

Yesterday's High / Low $14,98 USD / $11,68 USD

Yesterday's Open / Close $14,96 USD / $12,02 USD

Yesterday's Change $-2,94 USD (-19,67%)

Yesterday's Volume $1 702 199 859 USD

If you have decided that investing in Chainlink is something you want to do, then there are many opportunities for you to take advantage of it. Simply lookout for any exchange service that trades with Chainlink. The predictions for the token depict an increase in value and it seems that most of the recent investors are coming into the market to avoid missing out on what the future holds for the industry. Other tokens are also being explored but Chainlink may lead the game for a long time to come.

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