Chainlink, With 35% Weekly Increase Is Currently the Star Among Altcoins

Chainlink (LINK) has cracked the price mark of $10, which means a weekly increase of around 35 percent. That means that Chainlink is even outperforming the current rally of Bitcoin. Flash in the pan or sustainable trend for LINK?

Driven by Bitcoin’s (BTC) momentum, the crypto charts are dominated by uptrends these days. Chainlink stands out positively with a 35 percent weekly gain, surpassing the $10 price mark for the first time since May 202. The LINK rally is attributed to several causes:

• If the crypto markets as a whole pick up again due to possible Bitcoin ETFs, Chainlink will more or less automatically come into focus. After all, as the undisputed market leader among so-called Oracle services, it is impossible to imagine the crypto industry without Chainlink. Chainlink converts real-time data such as the Bitcoin price curve into blockchain-compatible formats and thus prepares the basis for smart contract deals in the Decentralized Finance (DeFi) division, for example. Chainlink’s services are paid for in LINK.
• In July, Chainlink launched the Cross-Chain Interoperability Protocol (CCIP) in five financially strong ecosystems, and in September, the new BASE ecosystem from Coinbase was also added. CCIP is considered a particularly secure solution for connecting ecosystems that are actually incompatible with each other.
• But the Chainlink ICCP is not limited to the crypto industry; it is also being adopted by the traditional financial industry. Major banks such as Citigroup, BNP Paribas, or BNY Mellon are already using ICCP to put out feelers in the direction of Bitcoin and Co.
• The latest addition among the prominent Chainlink customers for ICCP is the U.S. clearinghouse Depository Trust & Clearing Corporation (DTCC). In a blog post, Chainlink explains how this collaboration plays right into its cooperation with the SWIFT international payments system. In short, Chainlink is arriving through ICCP even more than in industries that have some catching up to do when it comes to crypto.

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Conclusion: Chainlink is on the winning track in the Bitcoin maelstrom

Chainlink co-founder Sergey Nazarov is known for incorporating macroeconomic developments into his forecasts for LINK. In doing so, he recognizes a position, as he did most recently for Chainlink, that builds bridges between the crypto industry and traditional industries. LINK will therefore be indispensable in the future, Nazarov believes.

And even if you subtract a good bit of self-promotion from that – hardly any other cryptocurrency has gained so many customers and partners who stand for cross-industry application purposes. So the chances are good that Chainlink will continue to profit above average from the current Bitcoin boom. For the time being, however, the benchmark for the price curve of LINK remains an all-time high of a good $50 from May 2021.

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(Featured image by Anna Tarazevich via Pixabay)

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