Chainlink (LINK) Creeping Closer to It’s All Time High : Research

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Data by Santiments suggested that Chainlink has been doing pretty well in the cryptocurrency market.
  • The market price of Chainlink native token LINK has continuously been increasing and expected to approach ATH soon.
  • The current value of LINK when the article was $4.84, which up by almost 2.07%. 

Recent blogpost by Santiments suggested that Chainlink has been doing pretty well in the cryptocurrency market. Further, the price of chainlink token LINK has continuously been increasing and expected to approach ATH soon. 

Chainlink, A Decentralised Oracle Contract Firm

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Chainlink is a global solution firm that solves major issues in smart contracts like interoperability and connectivity. For this, it has created software designed to link the external software or, in other words, a Blockchain ‘middleware.’ The technology enhances and makes the work easier for many financial institutions, retail transaction systems, and non-Chainlink blockchains by linking smart contracts with the Blockchain networks. Chainlink was established in the summer of 2017 by company SmartContract Chainlink Limited SEZC.

Chainlink introduced the LINK token in November 2017 and meant to operate in the Chainlink ecosystem. As of Aug, 2019, the market value of the LINK went up to $.01057. The LINK token positioned at 20th in terms of market capitalization and 22nd per trading volume. The current value of LINK when the article was $4.84, which up by almost 2.07%. 

LINK : MRVR Ratios Are Mostly Positive

chainlink MRVR
Sourse: Santiments

The LINK ICO boom that took place in September 2017 had raised almost 114,285 ETH, or US$32 million. Before, the ICO tokens were sold at 3,120 LINK/ETH with each token priced at $0.09 and gained a 20% bonus. However, the MVRV ratios are mostly positive, indicating that all the LINK shareholders are earning profit. Consequently, it has been stealthily approaching ATH, which has been considered dangerous in Santiments’ blog post. 

No Big Changes In Social Volume, A Bullish Market May Be Ahead

When the article was written, the distinct number addresses that have participated in Chainlink transactions or daily active addresses were 998. The number of monthly active addresses has increased following the LINK/USD price.

chainlink Social
Sourse: Santiments

From May to July 2019, the monthly active addresses increased almost 13 times when the USD price also increased six times. The daily active addresses crossed the 10000 mark on 29th July 2019. Moreover, the developer activity is 47.47 for 30 days. However, there are no big changes in the social volume except a few spikes in March, April, May, and June, indicating a bullish market.

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