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After adding 39.5%, Chainlink (LINK) is up 9.64% now to trade around $7.38. LINK is currently among the leading altcoins in a presumably early bull run.
Chainlink (LINK) is one of the altcoins that is about to pull the rest of the digital asset industry up based on past experiences. Chainlink price has more than doubled in the past three months since the coin was trading around $3.68 in May and has risen to hit an ATH of $8.48.
With a market capitalization of around $2,584,042,882 and daily volume in the past 24 hours of approximately $1,531,202,966 at the time of publication, the asset seems determined to continue rising and leading the way.
Rise of Chainlink Price
The sudden rise can be attributed to several fundamentals playing well for the project. One of them remains the sharp increase in demand by investors seeking high returns in investment projects.
Another major fundamental remains the fact that the project is being endorsed by major different industries in the market.
These two combined by the fact that digital asset trading is highly marred by crazy speculative trading, the rise to a new higher ATH remains imminent.
Worth noting is its approximate return on investment if purchased at the time of launch, which at the time of writing stood at around 4,617.74%. With a strong multi-year breakout and no prior hurdles to deal with, the asset can reach higher levels than most analysts anticipate.
Chainlink is a platform that aims to bridge the gap between blockchain technology-based smart contracts and real-world applications. With the world moving towards digitizing the supply chain management due to the ongoing coronavirus pandemic, the project’s use continues to grow by the day.
Chainlink (LINK) Bigger Picture
However, it might all be a bubble similar to the 2017 bull run that lifted so many projects even those without use cases. If the assets lag in adoption through utility cases, a huge dump ahead will make it lose value at a much faster rate than the rise.
Chainlink was developed by Sergey Nazarov, with Steve Ellis as the other co-founder. It held an ICO in September 2017, raising $32 million, with a total supply of 1 billion LINK tokens.
Checking closely on its weekly USDC derivatives chart, last week’s bar closed strongly after the breakout, which highly indicates a rather new bull run in the cards.
Ranked number 11 according to CoinMarketCap metrics, the cryptocurrency has heavily challenged the top digital assets like BTC, ETH and XRP in the rally, but who knows, probably they will rally more in the long term.