• Chainlink reached its all-time high in May.
• The token promises better integration with applications and Blockchain.
Chainlink, like Bitcoin and Ethereum, has risen its price in recent weeks. But this comes after the overall decentralized market crashed last month.
This volatility highlights the problems of investing in cryptocurrencies, which like on the stock market, is a risky business. There are no guarantees you can make money with cryptocurrencies, so you must agree to and understand the risks. These investments can go up or down in value in a few seconds.
What is Chainlink?
Chainlink is a cryptocurrency created in 2014 but was not launched until 2017. The cryptocurrency was founded by Sergey Nazarov, who is an entrepreneur and only 32 years old. Nazarov had worked for Smartcontract.com and created the token’s blockchain network.
The cryptocurrency offers an accounting technology that Blockchain governs, just like Bitcoin does. With this endorsement, you have to be sure that the ledger secures chainlink marketing.
What differentiates the token from other cryptocurrencies is that investors can link the Blockchain and the Apps. This cryptocurrency has a structure similar to Ethereum, only that it works with classic mobile applications of different utilities.
Chainlink and its upward trend
Chainlink has had magnificent peaks on the crypto chart, and this increases its popularity. The cryptocurrency is trading at $31.77, as indicated by Coindesk in a daily report.
This uptrend on Chainlink covers 2% in less than 24 hours. Since last Sunday, the cryptocurrency has risen 32% in value at the end of the month. The token was trading at $23.71 on Sunday.
However, the cryptocurrency has increased in value excessively and may fall again in a few days. These speculations are difficult to accept or deny because the crypto market is so volatile.
On the 10th of May, the cryptocurrency reached its all-time high, trading at $51.24, but it collapsed at the end of the month. For now, it has traded at less than 40% of that peak it reached last month.
Hargreaves Landsdown analyst Susannah Streeter said the price of the cryptocurrency had been driven by investor feedback. This cryptocurrency gained value for its gains in the short term, but it shows no positive points in the long term.
Streeter adds that with the volatility that the cryptocurrency has, it may be a price bubble. The analyst thinks this is not the best time to invest in the new cryptocurrency.
But Finder’s spokesperson, Matt McKenna, clarifies that the value of the cryptocurrency has had an excellent liquidation in May. Although the token has lost great value, McKenna bets that its recovery will be quick. The future of the cryptocurrency is uncertain but what is known for now is that it shows bullish peaks.
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