The crypto world is full of events that have captured the attention of investors who seek to profit from their investments. One such project is Chainlink (LINK) the platform aims to revolutionize interactions between smart contracts and the real world. Recent events around the project have seen its price surge as investors gain more confidence in the project as it rally
Chainlink and Vodafone have come together in a new collaboration. The move of a crypto project in blending telecommunication might signify a new era in the crypto space. Furthermore, the news has positively impacted the crypto’s market value, which means it might be a positive collaboration in the long term.
Chainlink (LINK) is listed as the 13th largest cryptocurrency based on its market cap in the digital space. LINK’S price has experienced a 50.9% surge in market value based on the weekly readings. This has made the crypto project the second-best performer, preceded by Bitcoin, and tops the other 98 projects in the list of 100.
According to Binance, the live price of Chainlink is $10.57 per (LINK / USD) with a current market cap of 5.89B USD. 24-hour trading volume is $ 798.46M USD.
Additionally, it holds on to the same position in daily charts, coming in second place. LINK daily charts show a 10.10% increase in the past 24 hours. Moreover, its market cap has increased by 6.74%. This records a current market cap of $6.15 billion. Also, based on an annual review, LINK has faced a 97% increase.
LINK follows Bitcoin in increasing market price and surge in fund inflows. Bitcoin has crossed the $34,000 mark as LINK reaches $11.05 at the time of writing. Chainlink’s surge can be linked to the recent collaboration with Vodafone, the Digital Asset Broker (DAB).
Vodafone announced on Tuesday the collective proof-of-concept with Sumitomo Corporation, a global trading and business investment platform, InnoWave, and Chainlink Labs. The primary focus of these collaborations is to tackle issues in the global trade ecosystem that is worth more than $32 trillion.
Primarily, the focus is to improve the exchange of virtual trade documents in various blockchains and platforms without compromising on interoperability and security.
Implications of the collaboration to LINK’s market price
The proof-of-concept essentially concentrates on allowing a seamless transfer of important trade documents among blockchains and crypto platforms. These might include lading bills, among others. Initially, this transfer was met with challenges of delays due to the fragmented system of various ineffective and unreliable platforms.
According to the collaboration announcement by Vodafone DAB CEO Jorge Bento, Chainlink and Vodafone DAB show how each platform will be blended to assist in cutting through the sea of incompatibility. This will be done through bridging advanced decentralized platforms with traditional markets.
LINK will serve as a bridge between smart contracts on blockchain networks and real-world data and its application and payment. Moreover, LINK could continue with its bull rally if BTC maintains its surging trend. According to CoinCodex, LINK’S process could hit $14.37 by the end of the first week of November 2023. Such a gain will account for a 30.04% increase in its price levels currently.
A machine learning algorithm from PricePreduction also shows a bullish prediction for LINK. The numbers are almost similar to the algorithm prediction sets to $11 consolidation by November 6, 2023. This means LINK might consolidate at its current level. However, the crypto market has faced a surge, which could also work in favor of LINK.
The recent collaboration with Vodafone might secure a bull rally for the project, coupled with events surrounding the dominant cryptocurrency, Bitcoin. Such events include the awaited approval and growing interest in spot BTC exchange-traded funds (ETFs).