As the world of cryptocurrencies continues to expand, new and interesting projects are emerging in an attempt to bridge the divide between the traditional world of finance with that of cryptocurrencies. One such project is Chainlink (LINK) which is attempting to bring interoperability to the blockchain industry.
To date, much of the world’s most prominent blockchains like Bitcoin, Ethereum, and Ripple have existed independently with no way of connecting them to each other and to the rest of the world. Having such a feature would aid users and developers by providing access to various features found on different blockchains while ensuring the integrity of the networks. Chainlink is taking strides in making this a reality thanks to its Oracle network.
What is Chainlink?
Chainlink is unlike many other blockchain projects. The business model is solely focused on the creation of smart contracts for the outside world. While the concept of smart contracts was first introduced by Ethereum, smart contracts can only manage data on a blockchain, putting them out of reach for many real-world businesses. As such, Chainlink hopes to decentralize the Internet to bridge the divide between blockchains and the applications that exist in the real world.
In essence, Chainlink has been developed with the purpose of connecting payment services like Paypal and banks to blockchains. With a dedicated team and a host of notable advisors, Chainlink is making a name for itself which has to lead to a growing number of people wondering about a Chainlink (LINK) price prediction.
Chainlink price history
2018 was the year of the great crypto boom, with most of the world’s biggest digital currencies undergoing tremendous surges in pricing – and LINK was no exception. Then, prices began falling almost as quickly as they rose, and many cryptocurrencies couldn’t recover. Fortunately, Chainlink rebounded and 2019 became one of the best years for the coin. On January 1, 2019, LINK was trading at 0.299 USD with its price picking up momentum as the year went on until crossing the 1 USD mark on May 20, 2019.
LINK kept climbing when on June 29, 2019, the coin set a new all-time high of 4.54 USD coinciding with Chainlin’s release on the Ethereum manner. Then, in October, a partnership with Binance was announced when saw LINK surge again to 2.84 USD.
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Chainlink technical analysis
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Chainlink price prediction: 2020 and beyond
Crypto price predictions can be an extremely challenging task given how the cryptocurrency market has a tendency to fluctuate almost without warning. The cryptocurrency market has developed a reputation for being notoriously erratic. As such, it’s important to bear in mind that these predictions are speculative as no one can anticipate price movements with absolute certainty. With that being said, there are several ways in which you can provide Chainlink predictions, such as deep learning, statistical analysis, and historical price performance which websites can use to provide you with price predictions.
#1 WalletInvestor
At the beginning of the year, the Chainlink price was at 1.79 USD. Since then, the LINK price has seen several spikes as well as one or two dips. However, Chainlink has a current price, of 6.22 USD. This rise since the start of the year has led WalletInvestor to take an optimistic stance, believing that its price will continue rising in the long term. The website’s one-year LINK price prediction believes that the price will be trading at 7.309 USD, while its five-year price prediction sees Chainlink (LINK) trading at 17.439 USD.
#2 TradingBeasts
This cryptocurrency prediction site is more pessimistic. As per their forecasts, they have stated that Chainlink isn’t a good investment for 2020 as losses have been predicted with an average Chainlink price of 5.318 USD expected for the end of 2020. Taking a look at 1 year from now, TradingBeasts still don’t recommend investing in Chainlink (LINK) with the cryptocurrency expected to have a future price of 5.655 USD by December 2021. In fact, by December 2023, it’s predicted that the Chainlink price will be around 5.958 USD.
#3 CryptoGround
Using Chainlink’s historical data, CryptoGround has painted a gloomy future for LINK. As per the website, Chainlink is expected to undergo a severe drop in price, predicting a 60 percent decline within the next six months which could see the Chainlink price drop to a 2.338 USD. Looking at 1 year from now, the Chainlink price isn’t looking much better at 2.682 USD. Looking long term, CryptoGround expects the Chainlink price to have rebounded to 5.351 in 2025.
#4 DigitalCoinPrice
DigitalCoinPrice is as optimistic about LINK’s price as CryptoGround is pessimistic. The website rates Chainlink as a solid investment with expectations of soaring prices for years to come. If DigitalCoinPrice is to be believed, Chainlink (LINK) could be trading as high as 10.57 USD by the end of the year. 1 year from now, the Chainlink price is forecasted to be trading at 15.09 USD, 2022 could see 18.83 USD with prices crossing the 20 USD mark in 2023. The price is expected to continue climbing at least until 2026 where the price nears 30 USD.
#5 Gov.capital
Using several variables like volume and price changes, market cycles, and similar cryptocurrencies, Gov.capital believes the project looks like a good long term investment. However, within the next 14 days, the website predicts a drop in LINK prices to about 4.594 USD. By the end of the following year it’s expected we’ll see LINK at 5.813 USD. Chainlink (LINK) is expected to keep this heading, with prices rising from 7.641 USD in January 2021, and 13.187 USD in time for Christmas. By the end of 2022, Chainlink is expected to close at 21.917 USD and by the same time in 2023, LINK could be worth 32.246 USD. If the predictions are accurate, LINK could end 2024 at 44.773 USD, and by July 2025, Chainlink may be worth as much as 59.726 USD apiece in the future.
#6 Crypto Rating
As per Crypto Rating’s prediction, Chainlink looks to be an excellent short term investment as the price is expected to climb over 96 percent throughout the next six months, bringing LINK to 12.16 USD. At two years, LINK may be worth 24.27 USD, an increase of almost 300 percent. These gains continue until 2025 with a predicted price of about 190.91 USD. Further, the site’s algorithm predicts now is a good time to buy Chainlink (LINK).
What to expect from Chainlink’s price in 2020?
Recently, on July 7, 2020, the LINK price underwent an impressive surge as China’s national blockchain network, the Blockchain Service Network (BSN) was activated with 135 nodes integrated with Chainlink price oracles. The news saw the LINK price surge from around 4.87 USD to an all-time high of 5.60 USD, enjoying gains of 15 percent on the day. The LINK price continued climbing through July 8 to around 6.33 USD. One day later and the LINK price continued climbing until reaching a peak of about 6.48 USD. July 10 saw the price drop to roughly 5.80 USD when the Chainlink price suddenly shifted trajectory, climbing to 6.21 USD. The coin ultimately continued its slow descent to its current price of 5.91 USD.
Chainlink’s, long term price performance has shown a curve steadily rising upwards. So, while it’s impossible to predict with certainty whether LINK will continue climbing, its historical performance has suggested it may. This coupled with heavyweight partnerships, a large treasury of reserve funds, and an in-demand service, it seems as if Chainlink (LINK) is well-poised to handle any challenges that may crop up in time.
Chainlink FAQs
Is Chainlink (LINK) a good investment?
As is the case with all cryptocurrencies, investing can be risky. However, if your plan is to buy some Chainlink (LINK) and hold on to it, then many of the price prediction sites recommend buying LINK. Though it’s important to bear in mind that Chainlink is still quite a new cryptocurrency and may be prone to more severe price swings than some of its more established counterparts. However, with the Chainlink coin price currently sitting at 5.91 USD, many believe LINK is set to climb, and for good reason.
Chainlink is an Oracle which are notoriously difficult to build and in high demand, and Chainlink was one of the first movers in this area making them one of the most developed. Then, last year the team announced that Chainlink would be launching on the Ethereum mainnet. Following the announcement, the attention on the oracle system spiked, bringing the Chainlink price with it.
Reputable team
Chainlink is helmed by CEO Sergey Nazarov, who has been involved in the cryptocurrency space since 2011. Steve Ellis, Chainlink’s chief technology officer, worked as a software engineer and team lead at Pivotal Labs where he developed scalable payment software. They are backed by a team of experienced and dedicated software engineers and advisors, ensuring the progress already made by the firm continues.
Partnerships
Chainlink has quite an extensive list of partnerships, including some big-name companies. In June 2019, for example, Chainlink (LINK) partnered with Google Cloud to help make things easier for developers working on technologies by giving them access to cloud data on public blockchains. In the same month, Chainlink also partnered with Oracle, announcing that they would help startups using Chainlink’s oracles to monetize their APIs on the Oracle Blockchain platform. Several other partners include Dapps Inc, Matic Network, IOST, Binance, Ethereum Classic Labs, and many more.
Solid development
Since launching on the Ethereum mainnet early last year, Chainlink (LINK) has continued to improve on the key pillars that allow users to choose high-quality individual node operators, aggregate those nodes into Sybil resistant oracle networks and ensure safety guarantees are kept to enable local networks to serve as reliable smart contract triggers. To this end, the Chainlink Explorer is one of the key tools that were launched alongside the Ethereum mainnet, which has served to provide valuable information about Chainlink’s node fulfillment, as well as aggregating data about the speed and reliability of off-chain activity and on-chain results.
Aggressive expansion
As per the latest report from Flipside Crypto, Chainlink is planning to spend one million LINKs a month on rewarding node operators. With LINK currently valued at 5.89 USD on CoinGecko, the site values that at close to 6 million USD a month or over 70 million USD a year. It’s though this aggressive spending has allowed the company to achieve several key milestones.
Will Chainlink hit 1000 USD?
The cryptocurrency industry is still in its early stages, especially when compared to the traditional financial market. However, as the industry progresses and the technology evolves, it’s possible that projects like Chainlink could see exponential growth. For now, though, considering the current Chainlink price of 5.91 USD, it’s unfeasible to expect Chainlink to cross 1,000 USD any time soon.
Where and how to buy Chainlink
Given Chainlink’s popularity, there are many different exchanges that allow you to buy LINK, including Binance, Bitpanda, Changelly, Coinbase Pro, Gemini, and many others.
To purchase some LINK, you’ll need to:
Step 1: Create an account on a cryptocurrency exchange that offers LINK
Step 2: Deposit funds into your account
Step 3: Buy some LINK
Verdict
While Chainlink price prediction websites can offer differing opinions, Chainlink (LINK) looks as if it’s ultimately a good project with a dedicated development team. Between the growing list of partners and the project’s impressive growth and use of in China’s own BSN, LINK presents itself as a coin with a bright future, which many predictions seem to mirror. All in all, LINK appears to be a strong buy.
