As the cryptocurrency market picks up steam, Chainlink (LINK) has caught the attention of a growing number of enthusiasts. Leading the altcoin market with a series of gains, this off-chain data provider has the potential to shock investors and the world, once again.
While the direction of the crypto market is notoriously difficult to foresee, there remains no shortage of predictions concerning Chainlink’s future. And with incredible altcoin gains being realized nearly everyday, investors are asking one increasingly important question: How high can Chainlink go?
What is Chainlink?
Utilizing decentralized Oracle networks, Chainlink is among the 1st crypto projects to integrate off-chain data into smart contract platforms. Allowing blockchains to interact with external data feeds, Chainlink is technically an abstraction layer enabling universally connected smart contracts.
Founded in 2017, Chainlink is driven by a large open source community focused on decentralized participation. With a fantastic array of contributors and partners, Chainlink has become a trusted leader in the data processing field.
Chainlink Market Position
Chainlink is the 13th largest cryptocurrency by market cap. But at the current rate the token is rising, its ranking may change in the near term. Having gained over 6% in the past week alone, Chainlink sits within flipping distance of both Terra (LUNA) and Uniswap (UNI).
With a circulating supply of 452 million tokens and a current price of $30.15, Chainlink’s market cap has reached $13.6 billion at the time of writing. While it may take some time to reach the token’s all-time high of $52.88 reached May 10, 2021, the potential remains for terrific gains in both the near and long term.
Competing for market share with altcoins like Band Protocol (BAND), Chainlink’s future is all but certain. Nevertheless, for its growing community of supporters, the token represents a solid investment opportunity.
Elliot Laybourne’s Bull Case for Chainlink
Elliot Laybourne is a hedge fund and investment bank trading specialist. And as a contributor for InvestingCube, Laybourne recently authored a bullish prediction for Chainlink’s immediate future.
In his detailed report, Laybourne outlines a path for a brand new all-time high — and he believes it could happen sooner than later. Having broken through key resistance at $27.20 and $27.50, Laybourne predicts a near-term spike to $45. And should resistance here also be broken, Chainlink may be on its way to record prices.
The Economy Forecast Agency’s Bear Case for Chainlink
The Economy Forecast Agency (EFA) specializes in long-range financial market forecasts. And while the analysts behind the agency’s Chainlink predictions see solid growth in the near term, their expectations are somewhat muted when compared to other prognosticators in the space.
Seeing a 16% drop during the 1st month of 2022, the EFA predicts an end-of-January price of $37.88. And while this forecasted target would represent solid gains for investors currently holding Chainlink, traders selling Chainlink in anticipation of the change could potentially exacerbate the fall, spiraling the price of the coin deeper into bearish territory.
Where to Buy Chainlink
As a top tier altcoin with a massive following, Chainlink is found on exchanges throughout the world. For U.S consumers, try Coinbase, eToro, Voyager and Crypto.com. While each of these platforms comes with its own unique feature set, a shared characteristic between them is industry leading security.
Another reason savvy investors choose from the reputable exchanges listed above is for their fantastic altcoin selections. Choosing between platforms with a large selection of leading cryptocurrencies can save you from signing up for multiple exchanges later.
Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
- New cryptocurrency traders
- Cryptocurrency traders interested in major pairs
- Cryptocurrency traders interested in a simple platform
- Simple platform is easy to operate
- Comprehensive mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto for learning about available coins
- Higher fees than competitors
eToro, headquartered in Cyprus, England and Israel, has provided forex products and other CFD derivatives to retail clients since 2007. A major eToro plus is its social trading operations, including OpenBook, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its lack of tradable currency pairs and underwhelming research and customer service features
- U.S. based cryptocurrency traders
- Social and copy traders
- Simple user interface
- Community engagement and following other traders
- 25 cryptocurrencies
- Expansive network of social trading features
- Large client base for new traders to imitate
- U.S. traders can only buy cryptocurrency
Crypto.com strives to make cryptocurrency a part of everyday life by offering a full suite of services for crypto users. The company offers a Crypto.com App, Exchange, Visa Card, DeFi swap, DeFi Wallet, DeFi Earn, Crypto.com Price, staking, crypto lending, and many other services. What really sets them apart, however, is the combination of super low fees and incredibly generous rewards programs for their users.
- Traders who want access to a secure, low-cost cryptocurrency exchange
- Passive investors who want to earn interest on their balance without frequent trading
- Mobile investors who prefer to handle all their crypto needs via their phone or tablet
- Low fees
- High security
- One-stop shop for all your crypto needs (wallet, trading, spending, and more)
- Lots of ways to earn interest, rewards, and rebates
- Low privacy
- Customer service response time could be improved
Voyager is a leading name in the sphere of cryptocurrency investing, giving you access to over 50 tokens and coins. Buy, sell and swap assets using Voyager Crypto’s simple mobile platform available as a free download for iOS and Android users.
When you invest through Voyager, you’ll pay nothing in commissions, which is a major benefit when compared to other cryptocurrency brokers. Voyager is also one of the only brokers we’ve seen that allows users to earn interest on their crypto investments.
Though the broker could do more to improve its customer service, it’s an excellent option for beginner investors and seasoned professionals alike.
- Cryptocurrency investors looking for a wide selection of supported projects.
- Investors who prefer mobile trading.
- Anyone interested in earning interest on their crypto investments.
- Simple, straightforward and intuitive mobile platform
- Wealth of investment opportunities
- Allows users to earn interest on select crypto investments
- Only available for mobile users — no desktop platform
- Limited routes to contact customer service team
How Long Will it Take for Chainlink to Reach $100?
Chainlink reached its all-time high of $52.88 in May. And if you’ve seen the content coming from the token’s fervent online supporters, you may have come across a few predictions asserting Chainlink could reach $100 in the not too distant future.
Of course, a $100 coin would skyrocket Chainlink’s market cap above $45 billion. Keep in mind that such a dramatic increase would place Chainlink in direct competition with Solana (SOL) as the 7th largest cryptocurrency in the market. When considering Chainlink’s market cap, It may be more reasonable to lower our expectations going forward.
Where to Store Chainlink Safely
Whether you purchase Chainlink through a decentralized exchange (DEX) or traditional trading platform, you will need to move your assets into a private wallet to take full ownership. Choosing a secure and reputable wallet is vital to properly securing your cryptocurrency.
Wallets come in both hardware and software varieties. Hardware wallets offer the best protection. Physically storing your private keys, hardware wallets separate your assets from easily hacked devices like your smartphone.
Software wallets, on the other hand, allow users to interact directly with Web3-enabled websites. With a software wallet connected to the internet, you can purchase goods and services with your crypto and swap tokens on your favorite DEX.
Best hardware wallet: Ledger
An industry standard, Ledger represents the smartest way to secure, buy, exchange and grow your crypto portfolio. With over 3 million devices sold, the Ledger hardware wallet is by far the most popular on the market because it works so well.
Investors are able to actively manage their crypto holdings through Ledger Live. Ledger Live contains a suite of features available for buying, selling, swapping tokens and staking for interest.
Best software wallet: ZenGo
Created with simplicity in mind, ZenGo is another great choice for storing Chainlink. Using facial biometrics to secure your assets, ZenGo has evolved past the use of private keys. ZenGo’s revolutionary software wallet is available as a mobile download for Android and iPhone devices.
Chainlink is now partnering with ACTIV Financial to bring traditional market data to integrated DeFi platforms. Showcasing another use case for leading smart contract platforms, Chainlink continues to prove its necessity in the cryptocurrency market.
Current Crypto Prices
The total coin market cap is sitting just over $2.1 trillion at the time of writing. After experiencing substantial growth during this summer, altcoin prices have settled in the first 2 weeks of September. And as we head into fall, Bitcoin (BTC) volatility is steadily increasing.
Bitcoin dominance stands at 41.8% and is trending lower despite recent gains. An unprecedented rally has seen a number of altcoins take market share from Bitcoin recently. Whether the world’s 1st and largest cryptocurrency can break through current resistance is yet to be seen.
So, Is Chainlink a Good Investment?
Chainlink (LINK) and the technology this company brings to the table represent a solid long-term investment opportunity. And for speculators, the potential for fantastic gains in the near-term still exists with this altcoin gem.
However, with strong competitors like Band Protocol (BAND) making inroads in the space, the long-term future of Chainlink remains somewhat unclear. And with the crypto market rapidly evolving new technologies, the future need for Chainlink’s blockchain solution is by no means guaranteed.
The decision to invest in the cryptocurrency market will ultimately depend on your own level of comfortability with the associated risks. For experienced investors, Chainlink remains a favored altcoin to augment a well-rounded portfolio.
Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.
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