Chainlink (LINK) Price Rallies After Ethereum (ETH) Spot ETF Approval
Chainlink (LINK) expanded ahead of the market, after news of the approval of all Ethereum (ETH) spot ETF. The network provides oracle services for pricing, and aims to become the bridge between crypto data and mainstream finance. LINK added 7.19% overnight, reaching $17.53, the highest level for the past four weeks.
LINK has awaited a bigger breakout, but the Bitcoin (BTC) rally took all the attention. Only after the talk of Ethereum ETF products did other tokens in the ecosystem reawaken. LINK is still far from its all-time high during the current bull cycle, re-sparking the hopes of a higher price range.
LINK trading volumes expanded to above 800M in 24 hours. The asset is among the most widely distributed and can affect the wider DeFi ecosystem.
Following ETH’s performance, LINK expanded, which retained its gains to stand above $3,800.
Chainlink Moves Ahead of the Competition
Chainlink always had the first-mover advantage for building oracles. For that reason, competitors like Pyth Network still have a long way to go before making a dent as influential oracle providers.
Chainlink is ahead of others with 30X more users and influence across multiple distributed apps. Chainlink is also most integrated with Ethereum, as it evolved along with its ecosystem of apps and DeFi.
The more ambitious goal of Chainlink is to spearhead the new trend of tokenizing assets and building real-world assets (RWA) on the blockchain.
Chainlink will also serve as a two-way hub, helping to build mainstream products based on selected crypto assets. Additionally, Chainlink will help trade mainstream products on the already robust and liquid crypto exchanges.
Will Chainlink Replace the Meme Hype?
The ETF narrative moves attention to mainstream funds flowing into crypto assets again. After months of trading meme tokens, LINK may be one of the rare builders with versatile products in crypto space.
During previous bull cycles, LINK has rallied ahead of the market, and traders may rediscover the asset soon. For most of 2024, LINK has also remained under $20, with talk of fair prices even above $100.
Chainlink is also more than a token; it is an infrastructure project. As a hub between Ethereum and the leading growth chains Optimism and Arbitrum, it works on data sharing and security.
Will LINK Get its Own Spot ETF?
The big effect of the Ethereum ETF approval lies in the decision that ETH, as a utility token, is a commodity and not a security.
LINK is also a utility token, hence its relatively low price. One of its major functions is to serve as a fee token for Oracle services. The move would open the door to creating more ETFs tied to utility tokens, and speculation was already arising about an upcoming LINK ETF.
The talk of new products arose after Grayscale also expanded its portfolio with Stacks and Near Protocol.
Chainlink Secures $25B in DeFi Value
Chainlink was instrumental in expanding the DeFi ecosystem. Data from over 20 blockchains flows into high-speed protocols, tapping a highly volatile market. Reliable data makes DeFi possible without crashes and chaotic price action.
The Cross-Chain Interoperability Protocol is key to running those multiple chains and protocols. CCIP is also the major tool Chainlink uses to provide mainstream financial data.
Also read: Chainlink (LINK) Rallies After Launching Research with Top Finance Industry Bodies
Chainlink secures 389 protocols, while its high-profile competitor PYTH has served 190 protocols so far. Most oracles in the crypto space also prefer to serve as niches, often for a single protocol or project.
In 2024, Chainlink secured $25.81 in value locked, with almost constant growth since the start of the year. The value reflects both fund inflows and the notional value of the assets based on market action.
Cryptopolitan reporting by Hristina Vasileva
Read More
Chainlink (LINK) Price Rallies After Ethereum (ETH) Spot ETF Approval
Chainlink (LINK) expanded ahead of the market, after news of the approval of all Ethereum (ETH) spot ETF. The network provides oracle services for pricing, and aims to become the bridge between crypto data and mainstream finance. LINK added 7.19% overnight, reaching $17.53, the highest level for the past four weeks.
LINK has awaited a bigger breakout, but the Bitcoin (BTC) rally took all the attention. Only after the talk of Ethereum ETF products did other tokens in the ecosystem reawaken. LINK is still far from its all-time high during the current bull cycle, re-sparking the hopes of a higher price range.
LINK trading volumes expanded to above 800M in 24 hours. The asset is among the most widely distributed and can affect the wider DeFi ecosystem.
Following ETH’s performance, LINK expanded, which retained its gains to stand above $3,800.
Chainlink Moves Ahead of the Competition
Chainlink always had the first-mover advantage for building oracles. For that reason, competitors like Pyth Network still have a long way to go before making a dent as influential oracle providers.
Chainlink is ahead of others with 30X more users and influence across multiple distributed apps. Chainlink is also most integrated with Ethereum, as it evolved along with its ecosystem of apps and DeFi.
The more ambitious goal of Chainlink is to spearhead the new trend of tokenizing assets and building real-world assets (RWA) on the blockchain.
Chainlink will also serve as a two-way hub, helping to build mainstream products based on selected crypto assets. Additionally, Chainlink will help trade mainstream products on the already robust and liquid crypto exchanges.
Will Chainlink Replace the Meme Hype?
The ETF narrative moves attention to mainstream funds flowing into crypto assets again. After months of trading meme tokens, LINK may be one of the rare builders with versatile products in crypto space.
During previous bull cycles, LINK has rallied ahead of the market, and traders may rediscover the asset soon. For most of 2024, LINK has also remained under $20, with talk of fair prices even above $100.
Chainlink is also more than a token; it is an infrastructure project. As a hub between Ethereum and the leading growth chains Optimism and Arbitrum, it works on data sharing and security.
Will LINK Get its Own Spot ETF?
The big effect of the Ethereum ETF approval lies in the decision that ETH, as a utility token, is a commodity and not a security.
LINK is also a utility token, hence its relatively low price. One of its major functions is to serve as a fee token for Oracle services. The move would open the door to creating more ETFs tied to utility tokens, and speculation was already arising about an upcoming LINK ETF.
The talk of new products arose after Grayscale also expanded its portfolio with Stacks and Near Protocol.
Chainlink Secures $25B in DeFi Value
Chainlink was instrumental in expanding the DeFi ecosystem. Data from over 20 blockchains flows into high-speed protocols, tapping a highly volatile market. Reliable data makes DeFi possible without crashes and chaotic price action.
The Cross-Chain Interoperability Protocol is key to running those multiple chains and protocols. CCIP is also the major tool Chainlink uses to provide mainstream financial data.
Also read: Chainlink (LINK) Rallies After Launching Research with Top Finance Industry Bodies
Chainlink secures 389 protocols, while its high-profile competitor PYTH has served 190 protocols so far. Most oracles in the crypto space also prefer to serve as niches, often for a single protocol or project.
In 2024, Chainlink secured $25.81 in value locked, with almost constant growth since the start of the year. The value reflects both fund inflows and the notional value of the assets based on market action.
Cryptopolitan reporting by Hristina Vasileva
Read More