The cryptocurrency market has become a profitable investment in recent years. This is especially true for some altcoins that have seen massive price changes. The DeFi market, for instance, has recorded incredible return on investments for investors, and some of these tokens have seen price increases.
In this article, we will consider the price predictions of one of the DeFi tokens, Chainlink (LINK). We will look at recent historical performance and consider the opinions of some important price prediction platforms to give you a rounded view of how it will fare in October as an investment. Without any further waste of time, lets get into it.
You may have heard of Chainlink also known as LINK but what is it really? Chainlink is a cryptocurrency blockchain project known as an oracle protocol. It is a decentralized network with the sole aim of connecting smart contracts with real world data. As Ethereum is the leading blockchain known for smart contracts, Chainlink runs on it, and so its native currency LINK is referred to as an ERC20 token.
LINK is used to incentivize node operators who help to keep the networks integrity and is also used for the development of the Chainlink network. The cryptocurrency was, however, far below the top ten when the year 2020 began, now occupying the 7th position among top cryptocurrencies with the highest market capitalization.
The market cap is currently $3,798,154,779 with a 24-hour trading volume of $1,322,020,659. There are 350 million LINK in circulation and each one is worth $10.85, at the time of writing this article.
Chainlink Price Prediction: Analysis
LINK has seen some good days in the year 2020. After rising from less than $2 at the beginning of the year, it got to almost $20 but has crashed back down. It started the month of September at $12.38 and then retested $13 briefly before taking a dive to lower levels. The price went as low as $7.61 on 24 September but bounced back almost immediately to $9.99 and managed to climb back to $10 and has been hovering around ...
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