Chainlink (LINK) Seems to be on Fire: Price Now Up Over 1000% in 2019

Siamak Masnavi

Just two days after CryptoGlobe wrote about Chainlink (LINK), calling it the top performing cryptoasset of 2019 (up +692%), it has further extended its lead with a 56% surge in the past 24-hour period.

LINK - 24 Hour CC Chart - 29 June 2019.png

When we last wrote about Chainlink (i.e. on June 27), according to CryptoCompare, the LINK token was trading around $2.313, and LINK's return on investment (ROI) figure for the year-to-date (YTD) was +692.89%.

At press time (08:00 UTC on June 29), as you can see in the 24-hour price chart shown above, LINK is trading around $3.494, making its YTD ROI over 1000%; this ROI figure is over 400% greater than that of the next closest competitor—Project Pai (PAI)—in the race to be the best performing cryptoasset of 2019, even though that other cryptoasset has a much lower reported market cap and trading volume.

Back then, Chainlink's reported market cap was $0.80 billion making LINK the 20th most valuable cryptoasset by market cap; today, it's market cap is $1.22 billion, making it the 16th most valuable cryptoasset.

So, why is LINK performing so well in 2019? Well, it is mostly down to the growing awareness of the importance of Chainlink for any smart contract that requires secure and reliable middleware to connect it to real world data, as well as the highly impressive list of companies it has partnered with since July 2017, such as Google, Oracle, and SWIFT.

However, this week, there was another reason for traders/investors to be bullish on Chainlink. 

On Wednesday (June 26), Coinbase announced that it was listing Chainlink on Coinbase Pro, its platform for experienced/professional traders/investors. Here is how Coinbase described Chainlink in its blog post:

Chainlink (LINK) is an Ethereum token that powers the Chainlink decentralized oracle network. This network allows smart contracts on Ethereum to securely connect to external data sources, APIs, and payment systems.

It also said that "support for LINK will be available in all Coinbase’s supported jurisdictions, with the exception of New York State."

Then, on Friday (June 28), Coinbase announced that Chainlink is now available on Coinbase Consumer (i.e. Coinbase.com), as well as the Coinbase mobile apps for iOS and Android.

Featured Image Credit: Photo via Pixabay.com

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice, and past performance most certainly does not guarantee future performance. As always, please do your own research.