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About Chainlink
Chainlink (LINK) is a decentralized network that provides real-world data to smart contracts on the blockchain. Chainlink has been around since 2014, when it was originally conceived as a centralized oracle system that can verify incoming information. However, Chainlink has since morphed into one of the most important players in the crypto industry and is now among the top cryptocurrencies in terms of market capitalization.
Chainlink was launched in 2017 after the crypto market started to take shape. It was at this time that LINK tokens first hit the market. Its co-founders, Sergey Nazarov and Steve Ellis, wanted to create a bridge between otherwise isolated blockchain networks and the outside world. This bridge was created in the form of a decentralized oracle network that could provide smart contracts on the blockchain with access to reliable data feeds and APIs.
In 2017, Chainlink held an initial coin offering and raised $32 million to fund the network’s development, which was the first sign of its success and penetration into the blockchain industry.
It wasn’t until 2019 when Chainlink first launched on the Ethereum mainnet to service a single ETH/USD price feed secured by three oracle nodes. However, the Chainlink network has now grown into a large open-source community of data providers and node operators over multiple blockchains. Node operators stake LINK, Chainlink’s native token, as collateral to provide data and services to smart contracts. Node operators are also paid in LINK. These nodes aggregate real-life data from multiple providers to prevent any single point of failure and ensure high accuracy.
LINK, the native token of the Chainlink network, was first made available to the public in September 2017 after a successful ICO. Chainlink was launched with a max circulating supply of 1,000,000,000 LINK and 35% of the total supply was already offered in a token sale. The Link coin price at ICO was $0.11 and the crypto traded majorly below $0.20 in its first two months.
Chainlink’s prospect and its fit into the crypto market enabled it to break above the $1 mark in no time. By January 8, 2018, LINK’s price had surged over 1,200% from its ICO price to reach $1.45. However, the price of LINK then consolidated throughout 2018, bottoming out at $0.16 in June 2018. The price remained relatively stable but low, under $0.50, for about 14 months.
LINK started gaining momentum again in 2019 again. By June 2019, LINK had surpassed $3 for the first time to reach $3.80, a 2,270% increase from the same month in the prior year. The price of LINK continued fluctuating for the rest of 2019, capping off the year at $1.90. It was during this period that the crypto began to be subjected to technical analysis from various crypto analysts, as well as different Chainlink price predictions on its future trajectory.
Fundamentals and Chainlink price predictions were already pointing to a price surge. Not surprisingly, 2020 became the first breakout year for Chainlink. In August 2020, LINK reached a new all-time high of $19.11. This set the stage for LINK firmly trading above the $10 price level on a multi-year level despite various price corrections.
Crypto adoption was exceptional in the first half of 2021, resulting in an explosion of activity in decentralized finance, where Chainlink is a leader. Chainlink started 2021 strong and easily pushed above its previous all-time high in the first month of the year. This spectacular LINK price increase was sparked by a surge in trading volume and influx of money into the entire crypto industry. As a result, the LINK coin price continued on a spectacular run to peak at $52.7 on May 10 2021, its current all-time high.
However, this peak didn’t last long, as LINK fell drastically in the two months after to bottom out at $13.88. Despite the LINK coin price fall, the Chainlink Network continued to grow in adoption to eventually surpass $75 billion in Total Value Secured (TVS).
LINK continued to exhibit huge trading volumes throughout the year as bulls and bears switched upper hands. By November 9 2021, LINK had risen to $34. By December 31 2021, LINK had fallen back down to $19.
LINK failed to perform up to investor expectations for the next two years. LINK’s price dropped below $10 again in 2022 alongside bearish action in the entire crypto market which extended into 2023. After that, LINK went on a consolidation pattern below $10 for the first three quarters of 2023.
Things started to change for the better in the last quarter of 2023 as activity surrounding Bitcoin led to a new surge of inflows into the crypto market. Consequently, Chainlink price crossed over the $10 level again in October 2023 for the first time in 17 months and has steadied above $10.
As it stands, the crypto market is now showing signs of bullish action into the coming years. Chainlink’s unique position in enabling smart contracts to connect with real-world data and events suggests its long term prospects remain bright amidst the bullish action.
Chainlink price predictions have remained optimistic in the most recent months. NewsBTC remains dedicated to providing readers and crypto investors the most accurate Chainlink news, LINK price updates, and various Chainlink price predictions in a timely manner.
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